Bitcoin peaked at $87,000 in early April but fell below $84,000 by April 4. Analysts identify $69,000 as a critical support level to maintain momentum, with the Bitcoin Spot ETF Realized Price acting as a key indicator. A potential bull run may recommence upon reclaiming the short-term holder realized price at $90,570.

In early April, Bitcoin exhibited a promising rally, peaking at $87,000 on April 2. However, by April 4, the cryptocurrency experienced a decline, dropping below $84,000. Despite this downturn, Bitcoin has maintained stability against the volatility seen in the altcoin and US equity markets after President Donald Trump announced new trade tariffs, suggesting that the bullish trend may still continue.

Crypto analyst Burak Kesmeci emphasized the significance of Bitcoin maintaining a price above $69,000. He analyzed Bitcoin’s performance against a backdrop of broader market declines and identified the “Bitcoin Spot ETF Realized Price” as a vital metric. This indicator reflects the average acquisition price of Bitcoin exchange-traded funds, establishing a crucial support threshold.

Kesmeci noted that since the launch of the ETFs in early 2024, the realized price has served as a robust support level. Furthermore, it is currently positioned at approximately $69,000. Should Bitcoin remain above this level, a substantial correction is considered unlikely by Kesmeci.

Regarding the potential for a renewed bull market, Ali Martinez pointed out that reclaiming the short-term holder (STH) realized price at $90,570 is essential for Bitcoin to resume its upward trajectory. The STH realized price, having been tested twice since the price fell below it in late February, presently serves as a significant resistance point. Currently, Bitcoin is trading at around $83,900, marking a slight increase of over 1% in the last 24 hours, though it remains nearly 1% down over the past week, as per CoinGecko data.

In summary, Bitcoin’s ability to remain above the critical support level of $69,000 is crucial for sustaining its current momentum and avoiding significant corrections. The Bitcoin Spot ETF Realized Price serves as an essential metric in this analysis. Furthermore, reclaiming the short-term holder realized price at $90,570 could signal a return to a bullish trend for the cryptocurrency. As of now, Bitcoin’s price demonstrates resilience amidst broader market pressures.

Original Source: www.tradingview.com

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