{"id":376879,"date":"2019-04-02T20:00:08","date_gmt":"2019-04-02T20:00:08","guid":{"rendered":"https:\/\/uniquehot.com\/?p=376879"},"modified":"2019-04-02T14:44:23","modified_gmt":"2019-04-02T14:44:23","slug":"crypto-community-bitcoin-price-rally","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/crypto-community-bitcoin-price-rally\/","title":{"rendered":"Crypto Community Speculates On What Triggered Massive Bitcoin Price Rally"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">The majority of 2019 has been a nail biter for crypto market participants, as investors, traders, and analysts alike watched and waited for signs the elusive Bitcoin price bottom may be in.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Overnight last night, a massive rally occurred, taking the price of Bitcoin through strong resistance at $4,200 to roughly $4,800. Following the move, the entire crypto community is speculating on what caused the enormous price spike and if the rally signals the end of the bear market.<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Crypto Community Conflicted Over What Sparked Bitcoin Price Rally<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">Bitcoin is the king of all speculative assets, and those that trade or invest in the cryptocurrency often speculate over the smallest details. When such a large movement occurs on Bitcoin charts, everyone starts talking and speculating on <a href=\"https:\/\/uniquehot.com\/2019\/03\/28\/crypto-market-volume-bitcoin-price\/\">what the reasons were behind a rally<\/a>.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/2019\/04\/01\/bitcoin-has-a-massive-80m-sell-order-but-breaching-it-could-lead-to-a-rally\/\">Bitcoin Has a Massive $80M Sell Order, But Breaching it Could Lead to a Rally\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">With such a large rally following over a year of downtrend, the crypto community is buzzing more than usual, trying to figure out what was the fuel behind the powerful upward movement.<\/span><\/p>\n<h3 class=\"p1\"><span class=\"s1\">A Bitcoin April Fools Joke Gone Right?<\/span><\/h3>\n<p class=\"p1\"><span class=\"s1\">Major media powerhouse <a href=\"https:\/\/www.fastcompany.com\/90328414\/bitcoins-price-just-surged-and-no-one-knows-why\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Bloomberg<\/a> believes that the rally may have been triggered by an April fools day joke suggesting that a Bitcoin ETF had been approved by the Securities and Exchange Commission.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">According to Bloomberg, one potential culprit behind today\u2019s price activity may be an April Fools\u2019 Joke. An article was widely shared throughout the bitcoin community yesterday that falsely said the SEC approve bitcoin-based exchange trade funds.<a href=\"https:\/\/t.co\/KNfOhu7XXB\" rel=\"nofollow\">https:\/\/t.co\/KNfOhu7XXB<\/a><\/p>\n<p>&mdash; Geopolitics = Gold, Silver, Bitcoin (@Super_Crypto) <a href=\"https:\/\/twitter.com\/Super_Crypto\/status\/01338112?ref_src=twsrc%5Etfw\" rel=\"nofollow\">April 2, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">The idea is that CPU-based algorithmic trading bots picked up on the news, and started buying the asset en masse near important resistance levels, breaking it and triggering a cascade of stop losses.<\/span><\/p>\n<h3 class=\"p1\"><span class=\"s1\">Altcoin Trading Pairs Get Short Squeezed<\/span><\/h3>\n<p class=\"p1\"><span class=\"s1\">Another theory, is that following the apparent \u201c<a href=\"https:\/\/uniquehot.com\/2019\/04\/02\/2019-crypto-alt-season-altcoins\/\">alt season<\/a>\u201d that has graced the crypto market with substantial gains over the last few months, highly leveraged altcoins paired with Bitcoin on exchanges may have resulted in a short squeeze.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Theory, the move was not designed to rekt BTCUSD shorts, those are pretty rekt atm. On the other hand, what did get out of control lately on leverage side? uhm hint <a href=\"https:\/\/twitter.com\/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$ADA<\/a>, <a href=\"https:\/\/twitter.com\/search?q=%24EOS&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$EOS<\/a>, <a href=\"https:\/\/twitter.com\/search?q=%24TRX&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$TRX<\/a>, <a href=\"https:\/\/twitter.com\/search?q=%24LTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$LTC<\/a>, <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$ETH<\/a> on BTC pair. This whole move is probably a long squeeze on lev alts. <a href=\"https:\/\/t.co\/mWqHf3ZbHa\" rel=\"nofollow\">pic.twitter.com\/mWqHf3ZbHa<\/a><\/p>\n<p>&mdash; Levi Alterman (@levi_alterman) <a href=\"https:\/\/twitter.com\/levi_alterman\/status\/08576513?ref_src=twsrc%5Etfw\" rel=\"nofollow\">April 2, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">With so many traders in the green on altcoin trades, profits would quickly be taken at the first sign of altcoin pair ratios falling. And with a move as powerful as what was witnessed with Bitcoin, many altcoin trading pairs saw their ratios plummet as much as 10%. As the ratio drops in favor of Bitcoin, stop losses are triggered and <a href=\"https:\/\/uniquehot.com\/2019\/03\/12\/experienced-altcoin-trader-outlines-expectations-for-bitcoin-and-alt-bull-cycles\/\">traders begin to secure altcoin profit into BTC<\/a>, which further drives up the price of Bitcoin.<\/span><\/p>\n<h3 class=\"p1\"><span class=\"s1\">BTC Is Scarce and Supply Is Fading<\/span><\/h3>\n<p class=\"p1\"><span class=\"s1\">In a recent report, one economist claimed that <a href=\"https:\/\/uniquehot.com\/2019\/03\/26\/economist-bitcoin-fastest-highest-asset\/\">Bitcoin was the fastest and highest rising asset ever<\/a>, and the crypto\u2019s specifically-designed scarcity is the reason for its ability to climb so quickly.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Asset: <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a><br \/>Change: +20%<br \/>Timeframe: 2 hours<br \/>&#8230;<br \/>Reason: Scarcity!<\/p>\n<p>&mdash; A v B (@ArminVanBitcoin) <a href=\"https:\/\/twitter.com\/ArminVanBitcoin\/status\/87238657?ref_src=twsrc%5Etfw\" rel=\"nofollow\">April 2, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">That scarcity is also being pointed at as a potential trigger for the current rally.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/2019\/04\/02\/2019-crypto-alt-season-altcoins\/\">2019 Crypto Alt Season Kicks Off With Over 20 Altcoins Doubling in Value<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">The truth behind the rally is likely a combination of all these potential reasons, with each claim offering some validity. Altcoins have indeed been on a profit-generating kick, and Bitcoin\u2019s supply has been gobbled up by smart money accumulating at what in hindsight may be the crypto bear market bottom.<\/span><\/p>\n<pre>Featured Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>The majority of 2019 has been a nail biter for crypto market participants, as investors, traders, and analysts alike watched and waited for signs the elusive Bitcoin price bottom may be in. Overnight last night, a massive rally occurred, taking the price of Bitcoin through strong resistance at $4,200 to roughly $4,800. Following the move, the entire crypto community is speculating on what caused the enormous price spike and if the rally signals the end of the bear market. Crypto Community Conflicted Over What Sparked Bitcoin Price Rally Bitcoin is the king of all speculative assets, and those that trade or invest in the cryptocurrency often speculate over the smallest details. When such a large movement occurs on Bitcoin charts, everyone starts talking and speculating on what the reasons were behind a rally. Related Reading | Bitcoin Has a Massive $80M Sell Order, But Breaching it Could Lead to a Rally\u00a0 With such a large rally following over a year of downtrend, the crypto community is buzzing more than usual, trying to figure out what was the fuel behind the powerful upward movement. A Bitcoin April Fools Joke Gone Right? Major media powerhouse Bloomberg believes that the rally may have been triggered by an April fools day joke suggesting that a Bitcoin ETF had been approved by the Securities and Exchange Commission. According to Bloomberg, one potential culprit behind today\u2019s price activity may be an April Fools\u2019 Joke. An article was widely shared throughout the bitcoin community yesterday that falsely said the SEC approve bitcoin-based exchange trade funds.https:\/\/t.co\/KNfOhu7XXB &mdash; Geopolitics = Gold, Silver, Bitcoin (@Super_Crypto) April 2, 2019 The idea is that CPU-based algorithmic trading bots picked up on the news, and started buying the asset en masse near important resistance levels, breaking it and triggering a cascade of stop losses. Altcoin Trading Pairs Get Short Squeezed Another theory, is that following the apparent \u201calt season\u201d that has graced the crypto market with substantial gains over the last few months, highly leveraged altcoins paired with Bitcoin on exchanges may have resulted in a short squeeze. Theory, the move was not designed to rekt BTCUSD shorts, those are pretty rekt atm. On the other hand, what did get out of control lately on leverage side? uhm hint $ADA, $EOS, $TRX, $LTC, $ETH on BTC pair. This whole move is probably a long squeeze on lev alts. pic.twitter.com\/mWqHf3ZbHa &mdash; Levi Alterman (@levi_alterman) April 2, 2019 With so many traders in the green on altcoin trades, profits would quickly be taken at the first sign of altcoin pair ratios falling. And with a move as powerful as what was witnessed with Bitcoin, many altcoin trading pairs saw their ratios plummet as much as 10%. As the ratio drops in favor of Bitcoin, stop losses are triggered and traders begin to secure altcoin profit into BTC, which further drives up the price of Bitcoin. BTC Is Scarce and Supply Is Fading In a recent report, one economist claimed that Bitcoin was the fastest and highest rising asset ever, and the crypto\u2019s specifically-designed scarcity is the reason for its ability to climb so quickly. Asset: #BitcoinChange: +20%Timeframe: 2 hours&#8230;Reason: Scarcity! &mdash; A v B (@ArminVanBitcoin) April 2, 2019 That scarcity is also being pointed at as a potential trigger for the current rally. Related Reading | 2019 Crypto Alt Season Kicks Off With Over 20 Altcoins Doubling in Value The truth behind the rally is likely a combination of all these potential reasons, with each claim offering some validity. Altcoins have indeed been on a profit-generating kick, and Bitcoin\u2019s supply has been gobbled up by smart money accumulating at what in hindsight may be the crypto bear market bottom. Featured Image from Shutterstock<\/p>\n","protected":false},"author":517,"featured_media":376887,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[30232,428,1039,6664,3584],"class_list":["post-376879","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-alt-season","tag-bitcoin","tag-bloomberg","tag-crypto","tag-rally"],"acf":[],"yoast_head":"\n<title>Crypto Community Speculates On What Triggered Massive Bitcoin Price Rally<\/title>\n<meta name=\"description\" content=\"The entire crypto community is speculating on what caused an enormous Bitcoin price spike and if the rally signals the end of the bear market.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/crypto-community-bitcoin-price-rally\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto Community Speculates On What Triggered Massive Bitcoin Price Rally\" \/>\n<meta property=\"og:description\" content=\"The entire crypto community is speculating on what caused an enormous Bitcoin price spike and if the rally signals the end of the bear market.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/uniquehot.com\/news\/crypto-community-bitcoin-price-rally\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-04-02T20:00:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-04-02T14:44:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/04\/bitcoin-price-crypto-shutterstock_766056682-1100x619.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1100\" \/>\n\t<meta property=\"og:image:height\" content=\"619\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; 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Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. 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