Bitcoin suddenly erases April’s dip as BTC price jumps 5% above $69k
Bitcoin (BTC) surpassed $4,000 in daily gains on April 4.
“Solid spot bid” puts Bitcoin above $4,000
Data from Cointelegraph Markets Pro and TradingView tracked BTC's recent rebound in price action, reaching $69,328 on Bitstamp.
Close to 5% of the day's lows, Bitcoin surprised market watchers, who saw bulls correcting the chart's “inefficiency” after the recent decline.
“Really breaking higher and replenishing that efficiency quickly,” noted trader Dan CryptoTrades wrote in an ongoing coverage segment on X.
“Strong spot bids and spot premiums as well.”
Associate Skew and others also pointed out that the rally came from buying from the local market rather than products.
“Clear price action so far,” he told X's followers.
“Spot CVDs Subsequent Price (Spot Auction). Spot premium (spot trading over perps).
Skew noted that the pace must continue for “more than a few hours” to make a lasting difference.
Yet another post admits that those short BTC may soon run into problems as the price rises.
Data from monitoring sources showed that CoinGlass BTC/USD crossed $68,620 and broke the $32.7 million liquidity wall.
$69,000 known BTC price will be the focal point.
Cointelegraph reported that the reset on chain metrics prevented Bitcoin's return to form.
Related: Bitcoin is a hedge against ‘terrible' government fiscal policy – Catie Wood
With $69,000 – the old BTC/USD all-time high since late 2021 – it remains a key price focus.
Recognizing the impressive support provided by the 200-period moving average (EMA) in the four-hour time frame, noted trader and analyst Josh Rager still calls for higher levels.
“Needs to reclose over $71k,” he concluded in part in X's post.
With the BTC/USDT order book data table on the largest international exchange Binance, Skew described the $69,000 mark as “significant”.
“The dips from here will be important to look at the buy limit level to gauge the true demand for higher prices,” he explained.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
