Bitcoin (BTC) price rallies by 5.53% as spot bids drive the market's bullish start to Q2

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.

Bitcoin (BTC) price started the second quarter on a brisk note, adding 5.53% to reach an intraday high of $87,333 on April 2.

The world’s leading cryptocurrency is now 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 propel Bitcoin towards more bullish gains 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 were on opposite sides of the market. Binance traders were aggressively selling BTC, 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.

However, with the new quarter, traders on major exchanges have collectively become bullish over the past three days.

Binance, Coinbase spot buyers data. Source: Aggr.trade

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

Likewise, Dom, a crypto markets analyst, noted that Bitcoin’s current rally is possibly due to Binance sellers pulling back. The analyst stated,

Bitcoin flips key resistance at $84K to $85K

From a technical perspective, Bitcoin has flipped an important resistance range between $84,000 and $85,000 into support. It has also moved above the 50-day, 100-day and 200-day exponentially moving averages (EMAs).

Bitcoin 4-hour chart. Source: Cointelegraph/TradingView

However, based on the external liquidity levels between $87,700 and $88,700, which formed the previous highs, BTC prices might face resistance in breaking through this range immediately. Consolidation within the green box (as highlighted in the chart) is likely a net positive, which could propel BTC towards testing the $90,000 mark for the first time since March 7.

On the other hand, an immediate correction to the current support at $84,000 and $85,000 could put off bulls, and short sellers might capitalize on the price action.

A bullish invalidation could occur if BTC price closes below $85,000 over the next few days.

With markets anticipating more volatility ahead of President Trump’s “Liberation Day” tariffs, and the potential impact on crypto markets, Bitcoin price is expected to react further during today’s White House press conference at 4 pm Eastern Time.