Bitcoin suddenly erases April dip as BTC price jumps 5% above $69K

cyptouser7 months agoCryptocurrencies News122
92485d12>

Bitcoin (BTC) passed $4,000 in daily gains on April 4 as traders eyed impending short liquidations.

BTC/USD 1-hour chart. Source: TradingView

"Solid spot bid" propels Bitcoin $4,000 higher

Data from Cointelegraph Markets Pro and TradingView followed newly resurgent BTC price action, which hit $69,328 on Bitstamp.

Up nearly 5% from the day’s low, Bitcoin impressed market observers, who saw bulls redressing a chart “inefficiency” after recent downside.

“Indeed breaking higher and filling that inefficiency in rapid fashion,” popular trader Daan Crypto Trades wrote in part of ongoing coverage on X (formerly Twitter).

“Solid spot bid & Spot premium as well.”
BTC/USD chart. Source: Daan Crypto Trades/X

Fellow trader Skew, among others, also noted that the rally was coming from spot market buying instead of derivatives.

“So far clear spot driven price action,” he told X followers.

“Spot CVDs trailing price (spot bid). Spot Premium (spot trading above perps).”

Skew noted that momentum needed to continue for “more than just a few hours” to effect lasting change.

Another post nonetheless acknowledged that those short BTC could soon face problems as prices rose.

Source: Skew

Data from monitoring resource CoinGlass showed a $32.7 million wall of liquidity taken out as BTC/USD passed $68,620.

Bitcoin liquidation heatmap (screenshot). Source: CoinGlass

$69,000 becomes familiar BTC price focal point

As Cointelegraph reported, a reset in on-chain metrics had precluded Bitcoin’s return to form.

Related: Bitcoin is hedge against ‘horrible’ gov’t fiscal policy — Cathie Wood

Significance resistance remained, however, with $69,000 — the site of the old BTC/USD all-time high from late 2021 — still a key price focus.

Noting impressive support provided by the 200-period exponential moving average (EMA) on 4-hour timeframes, popular trader and analyst Josh Rager demanded higher levels still.

“Needs to close higher above $71k again,” he concluded in part of an X post.

BTC/USDT order book data for Binance. Source: Skew/X

Alongside a chart of BTC/USDT order book data on largest global exchange Binance, Skew meanwhile described the $69,000 mark as "important."

"Dips from here will be important to see the level of limit buying to gauge actual demand for higher prices," he explained.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The content on this website comes from the Internet. Due to the inconvenience of proofreading the authenticity and accuracy of the copyright or content of some content, it may be temporarily impossible to confirm the authenticity and accuracy of the copyright or content. For copyright issues or other issues caused by this, please Call or email this site. It will be deleted or changed immediately after verification.

related articles

Cryptocurrency market sees over 50% decline in hacks over 2023

Cryptocurrency hacks dropped by over half in 2023 compared to the previous year, indicating that hei...

Hoskinson says PRAGMA adds 'second set of eyes' to Cardano but won't speed development

Charles Hoskinson, creator of Cardano and CEO of IOHK, commented on the launch of the community asso...

VanEck buys 1,640 BTC for $72.5M to seed ETF, holdings up over $1M before trading

VanEck is heating up the competition by seeding its potential spot Bitcoin exchange-traded fund (ETF...

New AI portfolio management tool coming to PancakeSwap

55966e89˃Decentralized crypto exchange PancakeSwap is set to introduce CupcakeHop, an artificial int...

Spot Ethereum ETF 'fee war' begins as Franklin Templeton discloses fees

Spot Ethereum ETF 'fee war' begins as Franklin Templeton discloses fees

55966e89˃American multinational investment firm Franklin Templeton has filed an amended S-1 applicat...

Bitcoin ‘dumb money sells’ as whales, sharks add 328K BTC in a month

Bitcoin ‘dumb money sells’ as whales, sharks add 328K BTC in a month

25cc9d4a˃Bitcoin is splitting hodler sentiment near all-time highs as coins migrate to larger player...