Bitcoin (BTC) prices started quickly in the second quarter, rising to the top $87,333, 5.53% on April 2nd. Currently, Bitcoin is emerging from a 10-week downtrend, which peaked at $110,000 on January 20th.
The critical proximity above the trendline could lead to continued bullish momentum for Bitcoin over the next few days.
Bitcoin 1-Day Chart. Source: CointeLegraph/TradingView
Bitcoin Spot Traders Promote Rally
Throughout March, spot traders from Binance and Coinbase remained opposed to the market. Binance Traders was an active BTC seller, while Coinbase has presented a key spot bid for the $80,000 price level. This dynamic contributed to horizontal price action during much of March.
Fast forward to April, major exchange spot traders have been collectively bullish over the past three days.
Binance, Coinbase Spot Buyers data. Source: aggr.trade
Data from Aggr.Trade highlights that Coinbase and Binance Spot Bids are driving positive action for BTC. Purchase pressure is particularly high at Coinbase, with spot bids rising to $7.98 million over the past few hours.
Similarly, Dom, an analyst at Crypto Markets, noted that Bitcoin’s current rally was probably due to the Binance Sellers being tapered. The analyst said,
“BTC has been able to breathe in since Binance’s sales tapered off. We’ve even seen a spot purchase from them for the first time in over a week.”
Related: Bitcoin breaks $86K as risk of US tariff “liberation day” risk 11% BTC price dip
Bitcoin flips key resistance from $84,000 to $85,000
From a technical standpoint, Bitcoin supports a critical range of resistances between $84,000 and $85,000. Similarly, cryptocurrencies achieved a bullish position above the exponentially moving average (EMA) of 50, 100 and 200 days.
Bitcoin 4-hour chart. Source: CointeLegraph/TradingView
However, based on the external liquidity levels between $87,700 and $88,700, which formed the previous highs, BTC prices may struggle to break this range immediately. The integration between the greenboxes (as shown in the chart) could facilitate a $90,000 retest of BTC for the first time since March 7th.
Conversely, an immediate fix to current support at $84,000 and $85,000 could block the bull and short sellers could control price action.
If the price of BTC falls below $85,000 in the coming days, and if the price of BTC falls below $85,000, a bullish nullification could be placed on your card.
Bitcoin prices are expected to respond further at the Eastern White House press conference at 4pm, as the market has more market volatility ahead of Trump’s “liberation day” tariffs.
Related: When FREB moves to QE, Bitcoin prices could reach $250,000 in 2025: Arthur Hayes
This article does not include investment advice or recommendations. All investment and trading movements include risk and readers must do their own research when making decisions.
