Bitcoin (BTC) is currently in the midst of a significant price rally, gaining more than 20 percent to reach the $4,800 price level. The top-ranked cryptocurrency is now at its highest level since December 2018.
This bullish breakout has coincided with a surge in Tether volumes sparking concerns of price manipulation. Meanwhile, altcoins which have been enjoying a positive run of late have also experienced massive price gains with the total cryptocurrency market capitalization now approaching $160 billion.
Bitcoin Breaks Bearish Trend
In the space of two hours, Bitcoin “mooned” from $4,172 to $5,106 on the Bitfinex chart. This price rise corresponds to 22 percent over the two-hour period.
The last time BTC experienced an intra-day surge of more than 20 percent was back in April 2018. On April 12, 2018, Bitcoin rose from $6,700 to $8,000.
Based on this current run, Bitcoin has managed to break the $4,200 resistance level, as well as, the 150 daily MA. The top-ranked cryptocurrency is now at its highest price level in 2019.
Data from CoinMarketCap (CMC) shows BTC market capitalization now at $81.8 billion with BTC 24-hour gain at 12.42 percent. As at press time, trading appears to have lulled considerably with the Bitfinex chart showing BTC at $4,800.
On average, there has been a slight pullback to give BTC a weighted average price in the $4,600 price level. Tuesday’s (April 2, 2019) rally marks another positive step for BTC after six weeks of consecutive weekly gains.
With BTC breaking the 150 MA and the $4,200 resistance level, the next consideration would most likely be if the bear market is over. For 15 long months, BTC and the cryptocurrency market, in general, have experienced prolonged bearish conditions, with prices plummeting by more than 80 percent across the board.
Popular Bitcoin analyst, Alex Krüger recently predicted that any move above the $4,200 mark would signal the end of the bear market. Bloomberg analyst, Todd White recently called a 17 percent BTC rally within two months based on the GTI VERA Convergence Divergence Indicator.
There have been signals pointing towards the onset of a significant price rally with the proprietary “Market God” indicator even calling a BTC buy signal for the first time since 2015. It would seem that whale investors might have taken up the call, given the rapid surge in the price over a short amount of time.
Tether Volume Surges – Coincidence
The BTC price breakout has also coincided with a massive increase in Tether (USDT) trading volume. Tether volume is currently at its highest ever level and has been on the rise since the middle of February 2019.
Given past allegations of price manipulation using Tether, the current BTC price surge might be a case of whales trying to engineer a breakout. At a point, Bitcoin’s 15-minute chart showed a price surge of six percent. The 22 percent breakout happened over the course of fewer than two hours.
Back in March 2019, Bitwise Asset Management released a report alleging that wash trading accounted for about 95 percent of BTC daily trading volume. According to the report, lesser known exchange platforms regularly spoof their order books with fake transactions inflating their trading volumes in the process.
Altcoin Prices Rise Even Higher
Concerning altcoins, many have followed Bitcoin’s rise to reach even higher prices. Before this present BTC surge, altcoins have been enjoying a positive price run leading to the popularity of the term “altseason.”
Ethereum and XRP have gained five percent over the last 24 hours but Litecoin is the highest gainer among the top ten altcoins rising by 12 percent. Outside the top ten, TRON (TRX) and Dogecoin (DOGE) have also seen double-digit gains in the last 24 hours.