Bitcoin

April

Spot

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) passed $4,000 in daily gains on April 4 as traders eyed impending short liquidations.
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 <img src="https://s3.cointelegraph.com/uploads/2024-04/087b5059-31bb-472a-8e08-43c55cd4f2ad.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: TradingView
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<h2 data-ct-non-breakable="true" id="solid-spot-bid-propels-bitcoin-4-000-higher">“Solid spot bid” propels Bitcoin $4,000 higher</h2>
Data from <a href="https://subscription.cointelegraph.com/">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCGBP/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> 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 <a href="https://twitter.com/DaanCrypto/status/1775945715518222681" target="_blank" rel="noopener nofollow">wrote</a> in part of ongoing coverage on X. 
<blockquote data-ct-non-breakable="true">
 “Solid spot bid &amp; Spot premium as well.”
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 <img src="https://s3.cointelegraph.com/uploads/2024-04/5e4cc199-2009-403a-9b32-8784af3323be.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD chart. Source: Daan Crypto Trades/X
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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 <a href="https://twitter.com/52kskew/status/1775942968928825392" target="_blank" rel="noopener nofollow">told</a> X followers.
<blockquote data-ct-non-breakable="true">
 “Spot CVDs trailing price (spot bid). Spot Premium (spot trading above perps).”
</blockquote>
Skew noted that momentum needed to continue for “more than just a few hours” to effect lasting change.
Another post nonetheless acknowledged that those shorting BTC could soon face problems as prices rose.
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 <img src="https://s3.cointelegraph.com/uploads/2024-04/a2f78abf-5505-4d91-b075-1f63c5242ca4.png" alt="" title="">
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 Source: Skew
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Data from monitoring resource CoinGlass <a href="https://www.coinglass.com/pro/futures/LiquidationHeatMapNew" target="_blank" rel="noopener nofollow">showed</a> a $32.7 million wall of liquidity taken out as BTC/USD passed $68,620.
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 <img src="https://s3.cointelegraph.com/uploads/2024-04/0ceed237-6514-41a8-a363-cb07e6f13ee3.png" alt="" title="">
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 Bitcoin liquidation heatmap (screenshot). Source: CoinGlass
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<h2 data-ct-non-breakable="true" id="69-000-becomes-familiar-btc-price-focal-point">$69,000 becomes familiar BTC price focal point</h2>
<a href="https://cointelegraph.com/news/bitcoin-resets-bull-market-btc-price-april-dip">As Cointelegraph reported</a><a href="https://cointelegraph.com/news/bitcoin-resets-bull-market-btc-price-april-dip"></a>, a reset in on-chain metrics had precluded Bitcoin’s return to form.
Related: <a href="https://cointelegraph.com/news/bitcoin-hedge-fiscal-policy-cathie-wood">Bitcoin is hedge against ‘horrible’ gov’t fiscal policy — Cathie Wood</a>
Significance resistance remained, however, with $69,000 — the site of the old BTC/USD all-time high from late 2021 — still a <a href="https://cointelegraph.com/news/highest-monthly-close-ever-5-things-bitcoin-this-week">key price focus</a>.
Noting the&nbsp;<a href="https://cointelegraph.com/news/bitcoin-67-5-k-btc-price-gains-us-jobless-claims">impressive support</a> provided by the 200-period exponential moving average (EMA) on four-hour timeframes, popular trader and analyst Josh Rager demanded higher levels still.
“Needs to close higher above $71k again,” he <a href="https://twitter.com/Rager/status/1775947653093720558/photo/1" target="_blank" rel="noopener nofollow">concluded</a> in part of an X post.
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 <img src="https://s3.cointelegraph.com/uploads/2024-04/9570b235-bf3c-47c6-a90c-354a6eb4a79a.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USDT order book data for Binance. Source: Skew/X
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Alongside a chart of BTC/USDT order book data on the largest global exchange, Binance, Skew 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 <a href="https://twitter.com/52kskew/status/1775949950624612587/photo/1" target="_blank" rel="noopener nofollow">explained</a>.
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.

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

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