Bitcoin has reached $69,300 once more, resisting a drop to $60,000. Despite several triggers causing the decrease, the trend remains in favor of upward movement with occasional corrections. What does this signify for future BTC trends?

Bitcoin (BTC)

BTC has risen approximately 5% from its daily low, attempting to establish $69,000 as a support level. The current price sits at $68,300, with closures above $67,900 indicating the potential for further upward movement.

Renowned cryptocurrency analyst Daan Trades noted the following about recent price shifts:

"Higher levels are being surpassed swiftly, with solid spot demand and a spot premium."

Skew also suggests that the recent rally is driven by spot markets rather than derivatives.

When positive sentiment persists until the daily close, it may set a favorable tone for Friday and the weekend ahead.

Cryptocurrency Predictions

CoinGlass data shows a $32 million liquidity wall disappearing as Bitcoin surpasses $68,620. The previous all-time high (ATH) of $69,000 acts as a critical threshold, with sustained demand at that level fueling optimism. Analysts point to the strong support from the 200-day exponential moving average (EMA) on the 4-hour chart as an indicator for potential new highs.

Experts emphasize the importance of closures above $71,000 and observing the decline to assess actual demand for higher prices.

IBIT also approached the $1.5 billion volume mark on April 4th, with optimistic sentiments following relatively mild comments from Fed members. The focus is on inflation data from the initial months of the year not being overly concerning.

This information was originally posted on COINTURK NEWS.