Bitcoin Retrieves $70,000 As Buying Pressure Increases

Bitcoin's price surged by $4,000 on April 4, capturing the attention of traders as they anticipated potential short squeeze events.

TradingView's data showcased a notable rebound in Bitcoin's price, reaching $69,328 on Bitstamp, marking an almost 5% increase from the day's lowest point.

This rise prompted reactions from market analysts, who attributed the gains to bulls correcting a recent downward trend.

Daan Crypto Trades, a recognized figure in the trading community, commented on the swift upward movement, stating, “Indeed breaking higher and filling that inefficiency in rapid fashion,” while emphasizing the strong demand in the spot market and its premium pricing.

Skew, another trader, pointed out the significance of the spot market's influence over the rally, contrasting it with derivative trading's impact. He observed, “So far clear spot driven price action,” highlighting the importance of sustained momentum beyond a short period to foster a durable market shift.

Amid these developments, there was a mention of challenges for those betting against Bitcoin, as indicated by CoinGlass's report of a $32.7 million liquidity removal following Bitcoin's climb past $68,620.

The upswing followed adjustments in Bitcoin's on-chain metrics, signaling a resurgence. Despite this momentum, resistance loomed around the $69,000 level, coinciding with Bitcoin's previous all-time high in late 2021.

Josh Rager, a well-known trader and analyst, referenced the 200-period exponential moving average (EMA) on the four-hour chart as a strong support indicator, setting a higher target for Bitcoin's price.

He stated, “Needs to close higher above $71k again,” underscoring the significance of surpassing this threshold.

Skew also highlighted the critical nature of the $69,000 level, advising close observation of market reactions to dips near this price to assess the real demand for further upward movement, referencing BTC/USDT order book data from Binance to support his point.

Sources:

https://cointelegraph.com/news/bitcoin-erases-april-dip-btc-price-5-69k

https://www.tradingview.com/symbols/BTCGBP/?exchange=BINANCE

https://twitter.com/DaanCrypto/status/1775945715518222681

https://twitter.com/52kskew/status/1775942968928825392

https://www.coinglass.com/pro/futures/LiquidationHeatMapNew

https://twitter.com/Rager/status/1775947653093720558/photo/1

https://twitter.com/52kskew/status/1775949950624612587/photo/1