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

cyptouser4 months agoCryptocurrencies News87
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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.

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