The last-minute appreciation of Bitcoin from the $54,000 resistance range to the $58,000 support stage is a pleasant surprise that everyone was hoping for, but no one was expecting. It seems that the talks about the Bitcoin bear run were all flukes, and the flagship cryptocurrency has managed to get to a strong price mark once again. In mid-April, the Bitcoin market was filled with the excitement of the bulls when the leading cryptocurrency hit ATH of $64,500.
However, after that, a trying period of volatile price range started that saw a steep drop off as low as $45,000. The trial period for Bitcoin price drops continued for 12 days after the mid-April ATH. However, the flagship cryptocurrency has managed to break out of the $54,000 resistance range and joined the land of the living again, trending at $58,000 for the time being.
Bitcoin is the firstborn cryptocurrency. The very recent price dip of the flagship cryptocurrency was unexpected and not in line with the past behavior of the cryptocurrency. Many people were speculating that the current drop has been caused by shady whale movements, while others attributed it with the remarks of president-elect Joe Biden who signaled the implementation of capital gains tax up to 45%.
There was some news that Facebook has been secretly investing in Bitcoin, which also turned out to be mere rumors. Furthermore, the crypto market saw another approaching danger in the form of the Bitcoin options expiration date last Friday. It seems like the majority of the investors have chosen to give Bitcoin a pass for further movement.
April Introduced and Concluded Bitcoin with a Green Node
As anticipated, Bitcoin is back on the bull run track; this behavior is in line with the past bull run of 2017-18. April has proven to be a great month for Bitcoin; it can be safely said that May has the potential to be an even better one. CIO of Moskovski Capital, Lex Moskovski, thinks that the Bitcoin last-minute appreciation is caused by spot.
Moskovski also claimed that the short positions on Bitcoin are paying for long ones as the upward movement continues in contrast. It seems that spot buyers are interested in buying Bitcoin even without the presence of any leverage. It should be noted that SEC has not approved any Bitcoin ETF thus far. Financial analysts are stating that an ETF could be approved when the Bitcoin market cap is above $2 trillion on its own.