Cryptocurrency market suddenly went on the offensive. Does the current jump of bitcoin price to $5,000 mean that the bear cycle in the market has come to an end?

Bitcoin increased in price by 15% in 24 hours. According to CoinMarketCap, at around 7:19 UTC on 2 April, the average cost of bitcoin fluctuated around $4191, then in an hour it suddenly jumped to $4849, with BTC exceeding $5000 on some exchanges.

The market capitalization of bitcoin rose to $84 billion, and the total capitalization of the cryptocurrency market narrowed to $163 billion. Bitcoin’s dominance index stands at 51.7%.

Bitcoin's bull rally led to a sudden liquidation of short positions on many cryptocurrency exchanges. At BitMex alone, short positions worth about $500 million were liquidated.

According to the eToro analyst Mati Greenspan, the bitcoin pump to $5000 was just a technical move.

"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.

Later, the senior analyst tweeted that the bitcoin pump was allegedly generated by the Asian crypto market:

“Judging by the timing, it looks like the pump originated in Japan or South Korea. New York is asleep, Europe is just opening their eyes. This is the Asian trading session.”

In dollar terms, following bitcoin, altcoins also began to grow. But comparing to bitcoin, altcoins moved to the red zone. Thus, Ethereum in pair to BTC fell by 6%, XRP lost 7%.