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Bitcoin hits $57K in surprise surge to almost erase April BTC price crash

  • Posted On - 2021-05-01 06:53:02

A crazy some hours indicates volatility return, with spot buyers noticeably in charge over leveraged traders.

Bitcoin (BTC) retook $57 K on 30 April as a surprise bullish end to month took traders by surprise.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

$4.2 billion expiry gives way to big BTC gains

Data from Cointelegraph Markets Pro and Tradingview showed BTC/USD climbing Five percent in hr on Friday to return insides inches of a green monthly close for April.

At press time, $58,299 still formed attention, with the pair needing to clinch $58k to avoid April's monthly candle turning red.

On social media, traders pointed to present month's $4.2 billion choices termination being out of the way and thus permitting the BTC room to move. 

As Cointelegraph usually reports, termination events tend to pressure worth beforehand, however post factum relief rallies disagree considerably in strength, sometimes not appearing at all.

So much for "red April"

For Lex Moskovski, CIO as Moskovski Capital, the composition of the market on the day was a cause for optimism. 

"This Bitcoin price surge is driven by spot. Funding even decreased a bit," Lex noted

Lex named funding cost on exchanges, with a decrease implying that short positions are "paying" longs in a classic sign that upward momentum would continue. 

Spot client demand likewise signals that BTC is being bought without leverage, which translates to a more organic shifting of "real" coins to private wallets.

Just days before, BTC was on its way to sealing its biggest April losses since 2015 in stark contrast to the general trend of the past twelve years.