Bitcoin hits a surprising surge of $ 57,000 to almost erase the April BTC price drop


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Bitcoin (BTC) reclaimed $ 57,000 on April 30 when a surprising bullish month-end surprised traders.

BTC / USD 1 hour candle chart (Bitstamp). Source: TradingView

The $ 4.2 billion decline gives way to big Bitcoin gains

Data from Cointelegraph Markets Pro and Tradingview showed BTC / USD rose 5% in a matter of hours on Friday and was just inches from a green month-end for April.

At the time of going to press, $ 57,000 was still a focus. The pair had to win $ 58,800 to keep the April monthly candle from turning red.

On social media, traders pointed out that the expiration of the $ 4.2 billion options this month is out of the way and that Bitcoin space can move.

As Cointelegraph often reports, expiration events tend to put the price under pressure beforehand, however post factum Relief rallies vary significantly in strength and sometimes do not occur at all.

So much for the “red April”

For Lex Moskovski, CIO as Moskovski Capital, the composition of the market on that day was cause for optimism.

“That bitcoin price hike is due to Spot. Funding actually went down a bit,” he noted.

Moskovski was referring to stock market funding rates, with a decline implying that shorts “pay” longs, a classic sign that the upward momentum would continue.

Demand from spot buyers also signals that BTC is being bought without leverage, leading to a more organic shift of “real” coins to private wallets.

Bitcoin funding rates versus BTC / USD. Source: Lex Moskovski / Twitter

Just a few days ago, Bitcoin was on the way to sealing its biggest April losses since 2015, which is in stark contrast to the general trend of the past twelve years.