Bitcoin hits $57K in surprise surge recovering the April price crash
Bitcoin has recaptured $57,000 on April 30 as an unexpected bullish run took place at the end of the month.
Data from leading crypto aggregators shows that BTC/USD climbed 5% in hours on Friday to come within inches of a green monthly close for April.
Through the social media, traders pointed to this month's $4.2 billion options expiry being out of the way and thus it allowed the Bitcoin room to move. Expiry events tend to pressure price beforehand, but post factum relief rallies differ considerably in strength, sometimes not appearing at all.
For Lex Moskovski, CIO as Moskovski Capital, the composition of the market on the day was a cause for optimism. He stated, "This Bitcoin price surge is driven by spot. Funding even decreased a bit."
Moskovski pointed out to funding rates on exchanges, with a reduction implying that short positions are "paying" longs in a classic sign that upward momentum would continue.
The demand from the spot buyers likewise signaled that BTC is being bought without leverage, which translates to a more organic shifting of "real" coins to private wallets.
Few days ago, Bitcoin was on the way to sealing its biggest April losses since 2015 in stark contrast to the general trend of the past years over its inception.