Month: April 2025

Bitcoin’s market structure is shifting back to bulls, increasing the chance of BTC price seeking new all-time highs.

Bitcoin’s
BTC
$84,536
price is off to a swift start in Q2, rallying by 5.53% to an intraday high of $87,333 on April 2. Currently, Bitcoin is emerging from a ten-week downtrend that began on Jan. 20 when the price peaked at $110,000.

A decisive close above the trendline might lead to continued bullish momentum for Bitcoin in the coming days.

Bitcoin spot traders drive the rally
Throughout March, spot traders on Binance and Coinbase held opposite stances in the market.

Binance traders were aggressive BTC sellers, while Coinbase showed significant spot bids around the $80,000 price level. This dynamic contributed to the sideways price action during the majority of March.

Fast forward to April, and spot traders on major exchanges have collectively turned bullish over the past three days.

Data from aggr.trade highlights that Coinbase and Binance spot bids are driving positive action for BTC. The buying pressure is particularly high on Coinbase, with spot bids increasing as high as $7.98 million over the past few hours.

Likewise, Dom, a crypto markets analyst, pointed out that Bitcoin’s current rally is possibly due to Binance sellers tapering off. The analyst said,

“BTC has been able to breathe ever since the Binance selling tapered off. We are even seeing some spot buying from them for the first time in over a week.”

Bitcoin flips key resistance at $84,000 to $85,000
From a technical perspective, Bitcoin has flipped an important resistance range between $84,000 and $85,000 into support.

Likewise, the cryptocurrency has attained a bullish position above the 50-day, 100-day and 200-day exponentially moving averages (EMAs).

However, based on the external liquidity levels between $87,700 and $88,700, which formed the previous highs, BTC prices might struggle to break this range immediately.

Consolidation between the green box (as illustrated in the chart) is likely a net positive, which might fuel BTC’s $90,000 retest for the first time since March 7.

On the flip side, an immediate correction to the current support at $84,000 and $85,000 could possibly discourage bulls, and short sellers might take control of price action.

Bullish invalidation could be on the cards if BTC price closes below $85,000 over the next few days.

With markets bracing for further market volatility ahead of President Trump’s “Liberation Day” tariffs, Bitcoin price is expected to react further during today’s White House press conference at 4 pm Eastern Time.

Bitcoin’s market structure is shifting back to bulls, increasing the chance of BTC price seeking new all-time highs.

Bitcoin’s
BTC
$83,608
price is off to a swift start in Q2, rallying by 5.53% to an intraday high of $87,333 on April 2. Currently, Bitcoin is emerging from a ten-week downtrend that began on Jan. 20 when the price peaked at $110,000.

A decisive close above the trendline might lead to continued bullish momentum for Bitcoin in the coming days.

Bitcoin spot traders drive the rally
Throughout March, spot traders on Binance and Coinbase held opposite stances in the market. Binance traders were aggressive BTC sellers,

while Coinbase showed significant spot bids around the $80,000 price level. This dynamic contributed to the sideways price action during the majority of March.

Fast forward to April, and spot traders on major exchanges have collectively turned bullish over the past three days.

Data from aggr.trade highlights that Coinbase and Binance spot bids are driving positive action for BTC. The buying pressure is particularly high on Coinbase, with spot bids increasing as high as $7.98 million over the past few hours.

Likewise, Dom, a crypto markets analyst, pointed out that Bitcoin’s current rally is possibly due to Binance sellers tapering off. The analyst said,

“BTC has been able to breathe ever since the Binance selling tapered off. We are even seeing some spot buying from them for the first time in over a week.”

Bitcoin flips key resistance at $84,000 to $85,000
From a technical perspective, Bitcoin has flipped an important resistance range between $84,000 and $85,000 into support.

Likewise, the cryptocurrency has attained a bullish position above the 50-day, 100-day and 200-day exponentially moving averages (EMAs).

However, based on the external liquidity levels between $87,700 and $88,700, which formed the previous highs, BTC prices might struggle to break this range immediately.

Consolidation between the green box (as illustrated in the chart) is likely a net positive, which might fuel BTC’s $90,000 retest for the first time since March 7.

On the flip side, an immediate correction to the current support at $84,000 and $85,000 could possibly discourage bulls, and short sellers might take control of price action.

Bullish invalidation could be on the cards if BTC price closes below $85,000 over the next few days.

With markets bracing for further market volatility ahead of President Trump’s “Liberation Day” tariffs, Bitcoin price is expected to react further during today’s White House press conference at 4 pm Eastern Time.

Bitcoin rallied for a second day as spot volumes soared, but geopolitics and a global tariff war could put a lid on BTC’s price upside.

Bitcoin price caught an unexpected bid by rallying to a session high at $88,500, but will the price gains be capped at a multimonth overhead resistance that is aligned with the 50-day moving average?

Key points:

Bitcoin extended its April. 1 gains as news that the Trump administration had not finalized its “Liberation Day” tariffs emerged.

Israel, Mexico and India have already rolled back their tariffs on US imports or suggested that they will not do “tit for tat” tariffs in response to the expected April 2 US tariffs.

Bitcoin
BTC
$83,605
trades slightly below a 3-month descending trendline resistance where the price has consistentlybeen rejected during past rallies.

Total market liquidations over the past 12-hour trading period have reached $145 million, with $69.4 million of the figure being Bitcoin shorts.

Data from Kingfisher, CoinGlass and Velo show short liquidations playing a role in today’s push above $88,500.

For the past few months, Bitcoin price has struggled to hold the gains accrued from rallies driven by leverage.

Looking beyond futures markets, there are some positives that suggest that the market structure is slowly transitioning from bearish to bullish.

As shown in the chart below, recent rallies were accompanied by a strong bid in the spot market and the return of the Coinbase Pro premium,

leading some analysts to speculate that the shift was influenced by buying from Strategy and other companies focused on building Bitcoin reserves.

Over the last two weeks, GameStop, MARA, Metaplanet and Strategy all announced plans to buy more Bitcoin, with GameStop being on the verge of purchasing and Strategy actively adding to its BTC position.

In the short-term, sustained spot buy volumes at Binance and Coinbase Pro, and the crypto and equities markets’ response to President Donald Trump’s “Liberation Day” tariffs are likely to be the most impactful factors that will influence the current bullish momentum seen in Bitcoin price.

Bills to create Bitcoin reserves have been introduced in 26 states, with Arizona currently the closest to passing a law.

Lawmakers in the US states of Minnesota and Alabama filed companion bills to identical existing bills that if passed into law, would allow each state to buy Bitcoin.

The Minnesota Bitcoin Act, or HF 2946, was introduced to the state’s House by Republican Representative Bernie Perryman on April 1, following an identical bill introduced on March 17 by GOP state Senator Jeremy Miller.

Meanwhile, on the same day in Alabama, Republican state Senator Will Barfoot introduced Senate Bill 283,

while a bi-partisan group of representatives led by Republican Mike Shaw filed the identical House Bill 482, which allows for the state to invest in crypto, but essentially limits it to Bitcoin
BTC
$83,719
.

Twin Alabama bills don’t explicitly name Bitcoin
Minnesota’s Bitcoin Act would allow the state’s investment board to invest state assets in Bitcoin and other cryptocurrencies and permit state employees to add crypto to retirement accounts.

It would also exempt crypto gains from state income taxes and give residents the option to pay state taxes and fees with Bitcoin.

The twin Alabama bills don’t explicitly identify Bitcoin, but would limit the state’s crypto investment into assets that have a minimum market value of $750 billion, a criterion that only Bitcoin currently meets.

26 Bitcoin reserve bills now introduced in the US
Introducing identical bills is not uncommon in the US and is typically done to speed up the bicameral legislative process so laws can pass more quickly.

Bills to create a Bitcoin reserve have been introduced in 26 US states, with Arizona currently the closest to passing a law to make one, according to data from the bill tracking website Bitcoin Laws.

Pennsylvania was one of the first US states to introduce a Bitcoin reserve bill, in November 2024.

However, the initiative was reportedly eventually rejected, with similar bills also killed in Montana, North Dakota, South Dakota and Wyoming.