Bitcoin (BTC) is back baby. And it seems to be back with a vengeance… against bears. As reported by Blockonomi previously, the leading cryptocurrency suddenly broke past $4,200 after a slow and steady uptrend that lasted for weeks, pushing $4,400, $4,600, $4,800, and even $5,000 in rapid succession. However, BTC pulled back following that event, falling to $4,600 as buyers failed to maintain bullish momentum.
However, almost 24 hours after the initial surge, it seems that a secondary or tertiary uptick is coming to fruition, as altcoins catch up to the market leader, now flirting with $5,000.
Bitcoin Price Tries To Surmount $5,000… Again
As of the time of writing this article, BTC has begun a tussle with bears in the $5,000 region, doing its utmost to surpass the auspicious level. When the cryptocurrency tried to push past $5,000 on Tuesday morning (seen on the left side of the below chart), which was purportedly the result of a $100 million buy order likely issued by a single entity, it quickly pulled back. It traded over $5,000 for mere minutes, as investors failed to keep up their bullish pace.
This retest of $5,000, the highest that Bitcoin has traded at since mid-November, comes as technical analysts across the board have expressed optimistic sentiment.
Scott Melker, a crypto-loving DJ and trader, recently called an “official” end to the bear market, giving his followers a much-needed congratulations. Trader BitBit recently postured that BTC might just be ready for another rally, looking to the fact that since Tuesday morning’s spike, there haven’t been any overt signs of weakness. Market sentiment isn’t the only thing bullish.
Technicals, too, as explained by Fundstrat’s Tom Lee are looking a tad more positive. Lee recently explained that the fact that BTC surmounted its 200-day moving average, which sits at around $4,600, should be seen positively. He adds that every time BTC traded above the aforementioned technical level, there was a win ratio of 80%, compared to the 36% when it traded under its 200-day.
Mainstream Media Clamors For Crypto
It isn’t clear whether these forecasts and calls will come to fruition, but one thing’s for certain: mainstream interest in cryptocurrencies saw a monumental uptick following Tuesday’s unexpected market conditions. (Anecdotally, I have been inundated with crypto-related questions from my family and friend alike. Often, I don’t have an answer to their questions about Bitcoin, but it shows that retail interest sure saw a spike after Tuesday’s sudden move).
Outside of the public audience, every mainstream outlet and their dog has begun to do their utmost best to cover BTC. Heck, the words “Bitcoin” and “crypto” blessed the front pages of Bloomberg Terminal, the New York Times, CNBC, Reuters, and other respected financial outlets all within the past 24 hours. The last time such extensive coverage occurred, BTC was likely traded well above $10,000.
Most of these outlets got their reporting hilariously wrong — just look to CNBC’s “Squawk Box” whose hosts claimed that an April Fools’ joke related to Bitcoin effectively catalyzed the rally — but millions were reminded of this little-known asset class after months of devastating radio silence. And mainstream media’s attempt to spark renewed discussion about BTC seemingly panned out rather well.
Industry commentator Alex Krüger recently explained that “everybody outside [of[ crypto is talking about Bitcoin today.” Krüger added that “everybody” consists of everyone on Wall Street, from banks and hedge funds to family offices and brokers.” There’s always a fleeting chance that the ongoing rally isn’t sustainable, but investors likely aren’t going to forget that Bitcoin exists anytime soon anymore. And arguably, that’s all that matters.