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

Bitcoin bulls follow through with earlier upside to see $69,000 briefly return to the BTC price chart.

Bitcoin (BTC) passed $4,000 in daily gains on April 4 as traders eyed impending short liquidations.

“Solid spot bid” propels Bitcoin $4,000 higher

Data from Cointelegraph Markets Pro and TradingView 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 wrote in part of ongoing coverage on X (formerly Twitter).

“Solid spot bid & Spot premium as well.”

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 told X followers.

“Spot CVDs trailing price (spot bid). Spot Premium (spot trading above perps).”

Skew noted that momentum needed to continue for “more than just a few hours” to effect lasting change.

Another post nonetheless acknowledged that those short BTC could soon face problems as prices rose.

Data from monitoring resource CoinGlass showed a $32.7 million wall of liquidity taken out as BTC/USD passed $68,620.

$69,000 becomes familiar BTC price focal point

As Cointelegraph reported, a reset in on-chain metrics had precluded Bitcoin’s return to form.

Related: Bitcoin is hedge against ‘horrible’ gov’t fiscal policy — Cathie Wood

Significance resistance remained, however, with $69,000 — the site of the old BTC/USD all-time high from late 2021 — still a key price focus.

Noting impressive support provided by the 200-period exponential moving average (EMA) on 4-hour timeframes, popular trader and analyst Josh Rager demanded higher levels still.

“Needs to close higher above $71k again,” he concluded in part of an X post.

Alongside a chart of BTC/USDT order book data on largest global exchange Binance, Skew meanwhile 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 explained.

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.