Bitcoin Market Overview: Bulls continue their relentless hold as mysterious 20,000 BTC order identified as market catalyst

BTC/USD crossed $5,000 for the first time since November 2018 before settling around $4,925.
Reuters have identified a 20,000 BTC (~$100 million) order by an anonymous whale as a possible market catalyst.

Rajarshi Mitra Independent Analyst

Tuesday, April 2nd, 2019 has turned out to be a historic day for cryptocurrencies. BTC/USD crossed $5,000 for the first time since November 2018 and the crypto marketcap passed $163 billion. Reuters reported that a mysterious 20,000 BTC (~$100 million) order by an anonymous entity might have boosted the market’s activity.

The 20,000 BTC order was spread across Coinbase, Kraken, and Luxembourg’s Bitstamp. Oliver von Landsberg-Sadie, chief executive of cryptocurrency firm BCB Group, said regarding this order:

“There has been a single order that has been algorithmically-managed across these three venues, of around 20,000 BTC. If you look at the volumes on each of those three exchanges – there were in-concert, synchronized, units of volume of around 7,000 BTC in an hour.”

BTC/USD Daily Chart

Since November 24, 2018, BTC/USD had been trading in the $3,300 - $4,200 channel before this Tuesday's breakout. The bulls continued to dominate as markets opened this Wednesday. BTC/USD remains on the verge of breaking past the $5,000 mark again as the price fluctuates around $4,925 and $4,950. To understand how bullish Tuesday’s session was, consider the following signs:

BTC/USD price has crossed over the 200-day simple moving average (SMA 200) curve for the first time since March 2018.
The relative strength index (RSI) curve is trending comfortably inside the overbought territory.
The last eight sessions of the Elliot Wave Oscillator has been bullish with increasing intensity.

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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