The crypto market has been experiencing significant price movements over the past few days, with Bitcoin and Ethereum both attempting to tackle major price boundaries. However, suspicions over the cause of the rally remain, with some analysts warning that the recent price movements could be part of a “choreographed” attempt to push the distribution range up in the short term.
Bitcoin rebounds from one-week lows
On April 5, Bitcoin headed back toward $29,000 as data showed whale orders guiding price action. BTC/USD hit $28,780 on Bitstamp, continuing a rebound from one-week lows under $27,300 at the start of the week. The rebound was fueled by rumors around the Binance crypto exchange and its CEO, Changpeng “CZ” Zhao. After reclaiming $28,000, Bitcoin saw fresh momentum as Binance order book data showed large-volume “whale” traders buying.
Bear market rally or genuine challenge?
While some analysts view the recent price movements as a bear market rally, others are more hopeful that $30,000 could see a genuine challenge after being absent from the chart for nearly a year. Trading firm Eight’s founder and CEO, Michaël van de Poppe, is optimistic that Bitcoin will break the crucial barrier at $30K, and if it does, there could be a significant breakout across the board on altcoins as confidence comes back in the markets.
ETH must hold crucial range high
As Bitcoin’s price movements continue to generate attention, the largest altcoin Ether is also making significant strides. Ether looked primed for an attack on $2,000 at the time of writing, having gained nearly 5% in the past 24 hours. Trading suite DecenTrader noted that funding rates had already been hinting at the upside to come. However, it is crucial for Ethereum to stay above the range high at $1,840, according to popular trader Crypto Tony.
Analysis: BTC price push still “bear market rally”
Despite the recent price movements, some analysts remain cautious. Material Indicators warned that large-volume “whale” traders could be artificially pushing the market higher in order to sell closer to $30,000. They view the recent price movements as a bear market rally until proven otherwise. The spot price eating into a dense cloud of asks also potentially strands latecomers choosing to go long BTC believing that the upside may continue.
Conclusion
The crypto market is experiencing significant price movements, with Bitcoin and Ethereum both making strides toward major price boundaries. While some analysts view the recent price movements as a bear market rally, others are more optimistic that there could be a genuine challenge. As always, it is crucial to stay informed and cautious when navigating the crypto market.
