Bitcoin kicked off April on a robust note, soaring to a peak of $87,000 on Wednesday, April 2. However, the leading cryptocurrency struggled to maintain this rapid pace, dipping below $84,000 late on Friday, April 4.
Despite this, Bitcoin’s price has shown considerable stability when compared to the altcoin and US equities markets, especially in light of the new trade tariffs introduced by President Donald Trump. This resilience strengthens the notion that the bull market may still have life in it.
Why Bitcoin Price Must Remain Above $69,000
In a Quicktake post on the CryptoQuant platform, crypto analyst Burak Kesmeci examined the Bitcoin market amid broader financial market downturns. He provided insights on a critical support level that Bitcoin must hold to avoid a significant decline.
Kesmeci identified the “Bitcoin Spot ETF Realized Price” as a vital metric to monitor should BTC experience bearish pressure. This indicator reflects the average price at which each Bitcoin exchange-traded fund was purchased.
According to Kesmeci, the average purchase price of BTC ETFs has served as a strong support level since these funds launched in early 2024. The chart below illustrates that the leading cryptocurrency has tested the Bitcoin ETF’s realized price multiple times in the past 15 months.
Kesmeci emphasized that both the ETF realized price and Bitcoin’s essential support level are approximately at $69,000. He remarked that the leading cryptocurrency is unlikely to experience significant corrections as long as it remains above this threshold.
When Will BTC Resume Bull Run?
While the ETF realized price represents a crucial support level against major corrections, the short-term holder (STH) realized price could be key to restarting the bull run. Ali Martinez mentioned on X that the first indication of BTC resuming its bull run would be reclaiming the short-term holder realized price at $90,570.
The chart above illustrates that the STH realized price has become a significant resistance level for the leading cryptocurrency. Bitcoin has tested this on-chain indicator twice since it fell below it in late February.
Currently, the market leader is priced at approximately $83,900, marking a more than 1% increase in the last 24 hours. As reported by CoinGecko, Bitcoin’s price has declined by nearly 1% over the past week.
