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Bitcoin (BTC) experienced a significant surge on April 4, gaining over $4,000 in a single day as traders anticipated potential short liquidations. The cryptocurrency\u2019s price reached a high of over $69,000, but as of press time is trading at $66,830 marking a 0.74% increase and pushing its market capitalization to $1.31 trillion.<\/p>\n
Market observers were impressed by Bitcoin\u2019s resurgent price action, with popular trader Daan Crypto Trades noting<\/a> that the cryptocurrency was \u201cindeed breaking higher and filling that inefficiency in rapid fashion.\u201d He also pointed out the presence of \u201csolid spot bid & spot premium.\u201d<\/p>\n #Bitcoin<\/a> Indeed breaking higher and filling that inefficiency in rapid fashion.<\/p>\n Solid spot bid & Spot premium as well. https:\/\/t.co\/daKFiC1Sp8<\/a> pic.twitter.com\/v6sN2tFggH<\/a><\/p>\n \u2014 Daan Crypto Trades (@DaanCrypto) April 4, 2024<\/a><\/p>\n<\/blockquote>\n Fellow trader Skew concurred<\/a>, stating that the rally was primarily driven by spot market buying rather than derivatives. \u201cSo far clear spot driven price action,\u201d he told his followers on X, adding that \u201cspot CVDs trailing price (spot bid)\u201d and \u201cspot premium (spot trading above perps)\u201d were evident. The 24-hour trading volume for Bitcoin reached $37.48 billion, representing a volume-to-market cap ratio of 2.86%.<\/p>\n $BTC<\/a> Spot CVDs trailing price (spot bid) This is healthy but will need to sustain for more than just a few hours pic.twitter.com\/IilBfqP7OU<\/a><\/p>\n \u2014 Skew \u0394 (@52kskew) April 4, 2024<\/a><\/p>\n<\/blockquote>\n However, Skew cautioned that the momentum needed to persist for more than just a few hours to effect lasting change in the market.<\/p>\n As Bitcoin\u2019s price continued to rise, short sellers faced the possibility of liquidations. Data from monitoring resource CoinGlass revealed that a $32.7 million<\/a> wall of liquidity was taken out when BTC\/USD surpassed $68,620.<\/p>\n Despite the impressive rally, significant resistance remained at the $69,000 mark, which was the site of the previous BTC\/USD all-time high from late 2021. Another influential trader and analyst Josh Rager<\/a> noted the strong support provided by the 200-period exponential moving average (EMA) on four-hour timeframes but demanded that Bitcoin close above $71,000 to confirm a bullish trend.<\/p>\n $BTC<\/a><\/p>\n Knocking on that moving average about a nice bounce <\/p>\n Here, not too busy trading outside of some spot and on-chain<\/p>\n Needs to close higher above $71k again pic.twitter.com\/w0P6PCg90W<\/a><\/p>\n \u2014 Rager (@Rager) April 4, 2024<\/a><\/p>\n<\/blockquote>\n Skew described the $69,000 level<\/a> as \u201cimportant\u201d and stated that \u201cdips from here will be important to see the level of limit buying to gauge actual demand for higher prices.\u201d<\/p>\n $BTC<\/a> Binance Spot Structurally $69K is important; overall trend fight occurs here Key flow points will be how significant passive sell pressure is (limit selling) & how\u2026 pic.twitter.com\/mgCpcWlVgR<\/a><\/p>\n \u2014 Skew \u0394 (@52kskew) April 4, 2024<\/a><\/p>\n<\/blockquote>\n The news follows Goldman Sachs chief investment officer, Sharmin Mossavar-Rahmani, recently stating that Bitcoin is not considered an investment<\/a> asset class and that the bank does not believe in cryptocurrencies. Those events follow Bitcoin soaring past $71,000<\/a> for the first time in history in mid-March following an approval for crypto exchange-traded products by the United Kingdom\u2019s Financial Conduct Authority.<\/p>\n Featured image: Ideogram<\/strong><\/em><\/p>\n<\/p><\/div>\n\n
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So far clear spot driven price action<\/p>\n
Spot Premium (spot trading above perps)<\/p>\nA good sign, but inconclusive<\/h2>\n
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Above here spot supply increases considerably<\/p>\n
\u2013 Above bulls push for control
\u2013 bears will try fight here imo<\/p>\n