BTC Price: $5,235
Last 7 Days: 27.25% 1month: 34.48% 12months: -17.44%
Some thought it was because of April Fools, some thought it was an accidental trade but the real reason as to why Bitcoin jumped 20% within an hour on April the 1st reaching highs of $5300 could be down to the large amount of stops placed at the resistance of $4200. As the price increased and we hit this resistance many of the short positions had to buy back and close their position creating what is known as a short squeeze. This may be why the price of Bitcoin did rally within such a short period of time however there are many different theories out there. What we do know is that there is now a new resistance and support. $5360 is being looked at as the new resistance and if we can clear this, BTC will see upside targets towards $5500 or even $5600.
1st April: $10,157,794,171 (BTC Price of $3,459)
8th April: $17,090,788,795 (BTC Price of $3,690)
68% increase in trading volume in the last 7 days