BTC price surges over $69K, wiping out April decline in Bitcoin

Bitcoin (BTC) experienced a significant increase in value, surpassing $4,000 in daily gains on April 4. Traders were closely watching for impending short liquidations. The price of BTC reached $69,328 on Bitstamp, impressing market observers who saw bulls correcting a recent downside. Popular trader Daan Crypto Trades commented that Bitcoin was breaking higher and filling the inefficiencies in rapid fashion. The rally was driven by spot market buying rather than derivatives, according to fellow trader Skew. However, Skew also noted that momentum needed to be sustained for more than just a few hours to have a lasting impact. Short BTC positions could face problems as prices continue to rise. CoinGlass data showed that a $32.7 million wall of liquidity was taken out as BTC/USD surpassed $68,620. The price of $69,000 remained a key focus, as it was the site of the old BTC/USD all-time high from late 2021. The 200-period exponential moving average provided impressive support on 4-hour timeframes, leading trader Josh Rager to call for even higher levels. He emphasized the need for BTC to close above $71,000 again. Skew described the $69,000 mark as important and mentioned that dips from this level would help gauge the actual demand for higher prices. It is important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research before making any investment or trading decisions.