Bitcoin Surges Over $4,000, Rising to $69,328 - Potent Spot Market Buying Spurs Rally
Summary:
Bitcoin (BTC) saw a considerable increase of over $4,000 on April 4, hitting a peak of $69,328 on Bitstamp. The surge was driven by spot market buying rather than derivatives trading. Analysts indicate that this momentum needs to maintain for a noticeable, lasting change. The prior all-time high resistance level of $69,000 remains a crucial benchmark. Renowned analyst, Josh Rager, called for Bitcoin to soar even higher, above $71,000. Short sellers of Bitcoin could face potential challenges as prices continue to climb.
On April 4, Bitcoin (BTC) experienced an upward swing of over $4,000, in anticipation of incoming short liquidations. The BTC/USD showed a powerful surge per the data from Cointelegraph Markets Pro and TradingView, with the cryptocurrency peaking at $69,328 on Bitstamp. This 5% jump from the day's lowest point marked a bullish rebound that corrected previous market "inefficiency".
Noted cryptocurrency trader Daan Crypto Trades commented on the swift upward trend and the robust spot bid, indicating strong demand. Other market analysts, including the trader Skew, pointed out that the surge was fueled by tangible asset purchases rather than derivative trading.
He indicated that this momentum needs to sustain for more than a few hours for long-lasting, significant change. Skew further highlighted the challenges short sellers of Bitcoin might face as the prices continue to climb. CoinGlass, a renowned monitoring source, reported a $32.7 million liquidity pool being triggered as BTC/USD surpassed the $68,620 mark.
As reported earlier, Bitcoin's comeback has been supplemented by a reset in on-chain metrics. Nonetheless, the considerable resistance at $69,000 - last year's all-time high - remains a critical focal point. Bound by the stability offered by the 200-period exponential moving average (EMA) over 4-hour intervals, renowned analyst and trader Josh Rager pleads for even more soaring levels. He set a benchmark and called out for values above $71k.
Skew, detailing with a chart of BTC/USDT order book metrics on Binance - the largest worldwide exchange, identified the $69,000 mark as significant. He proposed that ensuing declines would provide an opportunity to measure the actual demand and price strength.
Investment decisions should be made with thoughtful analysis considering the inherent risk within the trading and investment environment. This article does not offer any investment guidance or advice.
Published At
4/4/2024 9:48:27 PM
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