Bitcoin (BTC) price has experienced a significant surge in Q2 2023, rallying over 5.5% to reach an intraday high of $87,333 on April 2nd. This upward movement marks Bitcoin’s escape from a ten-week downtrend that began in January when prices peaked at $110,000. Analysts attribute this surge to the expansion of DeFi applications and rising institutional investments. Bitcoin’s price action is closely tied to spot trading activity on major exchanges like Binance and Coinbase. While Binance saw aggressive selling throughout March, Coinbase displayed significant bids around the $80,000 level, leading to a sideways movement in prices. However, recent bullish momentum from spot traders has been evident across exchanges in the past few days.