Commodity Blog

Commodity news, technical and fundamental analysis, market data on precious metals, energies, industrial metals, and soft commodities


Mysterious Acquisition Pushes BTC Prices Above $5,000

April 4, 2019 at 9:24 by Matt Jackson

Bitcoin prices have finally pushed back above $5,000 having gained around 25% in the last 2 days. News agency Reuters have identified a 20,000 BTC order, equivalent to around $100 million in value, which could have helped spur the bull run. Investors and analysts are watching to see if prices can hold above the psychological $5,000 barrier and spark further gains.

Prices have remained stable at around or just under $4,000 for the past few weeks, but the weekend finally saw a rise, first above $4,000 and then, yesterday, up to $5,000 and beyond. This is the first time since November 2018 that prices have reached these heights, and the market cap surpassed $163 billion signalling major buying movement.

Analysts are understandably bullish on the move. Price crossed above the 200-day simple moving average for the first time in over a year. RSI indicates that BTC price is resting comfortably in overbought.

The 20,000 Bitcoin order, which remains as yet unidentified, has been described as an algorithmic purchase with multiple acquisitions of 7,000 units each across 3 exchanges – Coinbase, Kraken, and Bitstamp.

Although Bitcoin is holding relatively steady, many alt coins and other major cryptocurrencies have undergone considerable correction in the past day. Ethereum prices have slipped back to $162.98 while XRP prices are $0.34 at the time of writing. Not all alt coins have slipped today, though. Bitcoin Cash, BCH, has risen more than 15% in 24 hours to reach $305.03. Litecoin (LTC) has risen around 8% in the past day and is now trading at $87.46.

Another coin to have performed well in the past couple of days is Dogecoin. This lesser known coin benefited when Elon Musk was asked to name his favourite cryptocurrency and chose the crypto, whose price was pushed more than 25% and market cap rose to nearly $400 million. However, his response comes a month after a tongue-in-cheek Twitter poll named him as the best person to become the CEO of the currency.

BTC is currently trading at $5,013.13 at 10:00 GMT.

If you have any questions and comments on Bitcoin today, use the form below to reply.

Leave a Reply