Analyst on Bitcoin: 'Was a technical move, lots of entry orders at $4200'

02 Apr, 2019 | Updated: 02 Apr, 2019
by Jelmer van der Dussen
Price Action
Analyst on Bitcoin: 'Was a technical move, lots of entry orders at $4200'

eToro analyst Mati Greenspan has given his take on the latest Bitcoin move all the way up to $5000 in an interview with Bloomberg. According to Greenspan, the BTC pump was a technical move. 

Greenspan points to the 200 day moving average line on the Bitcoin chart. Over the last period, it became more and more clear for traders that $4200 was an important point because of that 200 day moving average line. Once $4200 would break, Bitcoin could see a pump. And that's exactly what happened.

"The 200 day moving average line has been incredible important for Bitcoin in the last one and a half years. This was a technical move caused by jumping above $4200, which was a key level that has been eyed by traders for weeks now. So there were a lot of stop-loss orders building up and entry orders there", Greenspan said to Bloomberg.

According to Greenspan this move could have "This move has been building up for a few months now, since the mid-December lows we've been gaining some gradual momentum. Initially this was in altcoins. Some have doubled, tripled or quadripled in value since then, whereas Bitcoin has been more stable."

Read more: Why is Bitcoin pumping today?

With Bitcoin dropping hard since the bull run of 2017, many outsiders believed cryptocurrency was over. But Greenspan says the space hasn't been sitting still. "The price is not an indication of industry growth. Throughout this crypto winter we've seen the industry growing at a rapid pace. Some companies went under because they didn't manage their books right, or they were relying on very high crypto prices, but that is what bear markets are about. We've actually seen a lot of industry growth in the space."

Read more: Crypto community goes crazy after Bitcoin and altcoins pump: 'OG's knew'

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Read more about: Bitcoin (BTC)


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