Bitcoin’s (BTC) 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 1-day chart. Source: Cointelegraph/TradingView
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.
Binance, Coinbase spot buyers data. Source: Aggr.trade
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