Bitcoin surged by 7% in an hour amid April’s Start Reminding Past Year Trend
The crypto markets show some bullish air with the start of quarter two as most of the coins are moving up, resulting in green candles. The leading digital asset Bitcoin also shows a sudden uprise reminding the past year trend happened on April 2.
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Good Start from April Second Day
Today, Bitcoin surged by 7% within an hour showing a positive signal for the coin's future trend. The sudden increase in price value shows a bullish scenario for the long-term trend. The great start of the 2nd quarter may impact the crypto markets and reveal investor’s interest again in the safe-haven asset. However, the bearish forces have not lost their impact on the crypto markets.
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Last year, the top digital asset increased by 20% on April 2, 2019, and touched the figure of $5,000 for the first time in four months. After that surge, the price value rallied gradually and marked $14,000 in June.
The comparison in terms of price increase in April’s start signals the same pathway for current position ending in great value uptick.
The crypto analysts, however, hold opposite views regarding price value. For example, the crypto analysts and trader, John Rager, says that the leading digital asset needs to remain above $6,600. Otherwise, the trend line will take its direction down.
I'm holding off making the next move until we can see follow up through this level, otherwise, it's just going to break down here…Needs to hold $6600s,
Rager said.
Correlation is Fading
On the onset of the Coronavirus outbreak, the digital assets behaved the same as traditional assets performed in the past one month. However, the correlation does not seem to continue further as the decoupling of bitcoin from the stocks is observed.
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The financial markets of the US showed a great disappointment as numbers of infected patients affected by COVI-19 surged rapidly resulting in 1,000 deaths on April 2.
