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

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.