On April 1, the bitcoin price initiated a large 19 percent rally from $4,200 to $5,000, peaking at $5,300 the next day across several major crypto exchanges. The rapid upside movement of bitcoin, which occurred in minutes, is said to have been triggered by two major factors.

At $4,200, there were around $80 million worth of sell orders. As the sell orders were absorbed by buyers, it liquidated $500 million worth of short contracts. The absorption of massive sell orders, a short squeeze of bitcoin contracts, and the lack of resistance above $4,200 are considered as the main catalysts of

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