According to Cointelegraph: Bitcoin recouped from its recent April dip as the cryptocurrency's price rallied, briefly crossing the $69,000 mark. Bitcoin observed over $4,000 in daily gains on April 4 as market participants premeditated impending short liquidations.
Market data represented a buoyant BTC price trajectory which touched a peak of $69,328 on Bitstamp. Rising close to 5% from the day's lowest point, Bitcoin has surprised market spectators as bulls quickly bridged the recent price gap.
Emphasising on the presence of a strong spot bid, traders confirmed the recent surge is primarily driven by spot market buying. A noted trader, Skew, stressed the rally must extend over a few hours to secure an enduring impact.
Meanwhile, a forecast of potential difficulties for those shorting Bitcoin has been identified as the cryptocurrency experiences upward price movements. Monitoring platforms reported a $32.7 million liquidity blend as BTC/USD surpassed $68,620.
Notwithstanding, significant resistance is expected at $69,000 — the former all-time high for Bitcoin from late 2021. Popular trader and analyst Josh Rager insisted on levels beyond $71k for the currency to sustain its upward momentum. The importance of the $69,000 threshold has been highlighted, with potential dips from this level seen as a measure of demand for higher prices.
