Source: Cointelegraph Original: "{title}"
Bitcoin had a strong start in the second quarter, rising 5.53% as of April 2, reaching an intraday high of $87,333.
Currently, Bitcoin is emerging from a ten-week downtrend that began on January 20, when the price peaked at $110,000.
If Bitcoin successfully breaks through the trend line and stabilizes its close, it may continue its bullish momentum in the coming days.
Bitcoin 1-day chart. Source: Cointelegraph/TradingView
Spot traders are driving this rebound
In March, spot traders on Binance and Coinbase held different positions in the market. Binance traders were active Bitcoin sellers, while Coinbase showed significant spot buying around the $80,000 price level. This dynamic led to price consolidation for most of March.
Entering April, spot traders on major exchanges collectively turned bullish over the past three days.
Binance, Coinbase spot buyer data. Source: Aggr.trade
Data from aggr.trade highlights that spot buying on Coinbase and Binance is driving Bitcoin's positive momentum. Particularly on Coinbase, there has been significant spot buying pressure, with spot purchases peaking at $7.98 million in the past few hours.
Similarly, crypto market analyst Dom pointed out that Bitcoin's current rebound may be due to reduced selling pressure on Binance. The analyst stated, "Since the selling pressure on Binance has decreased, Bitcoin has been able to catch its breath. We even saw them have spot buying for the first time in over a week."
Bitcoin breaks through key resistance at $84,000 to $85,000
From a technical perspective, Bitcoin has turned the important resistance level between $84,000 and $85,000 into support. Additionally, Bitcoin is currently in a bullish position above the 50-day, 100-day, and 200-day exponential moving averages (EMA).
Bitcoin 4-hour chart. Source: Cointelegraph/TradingView
However, based on external liquidity levels between $87,700 and $88,700, this range formed previous highs, and Bitcoin's price may struggle to break through this range immediately. The consolidation shown in the green box on the chart could be a net positive factor, potentially pushing Bitcoin to test $90,000 for the first time since March 7.
On the other hand, if the price immediately retraces to the current support levels of $84,000 and $85,000, it may frustrate bulls, and bearish sellers could take control of the price action.
If Bitcoin's price closes below $85,000 in the coming days, the bullish trend may fail.
As the market prepares for further volatility ahead of President Trump's announcement of "Liberation Day" tariffs, Bitcoin's price is expected to react further during the White House press conference at 4 PM Eastern Time today.
Related: Arthur Hayes: If the Federal Reserve shifts to quantitative easing, Bitcoin will reach $250,000 by 2025
This article does not contain investment advice or recommendations. Every investment and trading decision involves risk, and readers should conduct their own research before making decisions.
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