The cryptocurrency sector has experienced a minor pullback after its recent surge earlier this week. Bitcoin soared to approximately $76,000 on Tuesday but was unable to surpass the resistance threshold and has since retraced.
As of now, Bitcoin is trading just above $74,400. It may either attempt to retest the resistance level at $76,132 or decline towards the support area around $70,000.
Growing Institutional Interest in Bitcoin
The recent rise in Bitcoin’s value can largely be attributed to increasing institutional interest.
Data from CoinGlass indicates that US spot Bitcoin Exchange Traded Funds (ETFs) saw an inflow of $411.41 million on Tuesday, bringing their cumulative net inflow to an impressive total of $57.28 billion.
However, on Monday alone, these ETFs faced an outflow of $291.11 million following last week’s inflows totaling $786.31 million.
This latest influx has resulted in a total net asset value for Bitcoin ETFs reaching approximately $94.09 billion.
If outflows persist or escalate further, they could hinder the ongoing price rally for Bitcoin; conversely, continued inflows would bolster bullish momentum and potentially facilitate additional gains for $BTC.
This week’s favorable performance by $BTC is also influenced by positive geopolitical news.
On Monday during a press briefing, Donald Trump remarked that Iran is keenly interested in reaching a deal “very badly,” even as he confirmed that the US Navy had begun blockading Iranian ports following unsuccessful peace negotiations recently held.
A report from Reuters yesterday indicated that negotiation teams from both the US and Iran might reconvene in Islamabad this week after failing to achieve any significant progress during their initial discussions.
Bitcoin Price Outlook
The 4-hour chart for $BTC/USD remains bearish yet efficient despite its recent uptick.
Currently priced at around $74,432—above the 50-day Exponential Moving Average (EMA) set at approximately $71,021—Bitcoin shows signs of mild bullish momentum based on various indicators over short time frames.
The Relative Strength Index (RSI) sits at 60 on the 4-hour chart; while it exceeds neutral territory it hasn’t yet entered overbought conditions.
The Moving Average Convergence Divergence (MACD) histogram is expanding as well,
indicating constructive upward momentum remains intact.
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If this rally continues,$ BTC could once again test its previous swing high at around$76 ,132 .On Tuesday ,Bitcoin surpassedthe100 -day EMA positionedat75 ,300 ;this levelmay not pose another challenge .
However ,it might face additional resistance nearthe50 %retracementlevelat78 ,962andthepsychologicalbarrierof$80 ,000 .
A daily close above these thresholds could reveal potential targets suchas200 -day EMAaround83 ,245 ;61 .8 %Fibonacci retracementnear83，437 ;andahigherhorizontalcaparound84，410 which delineatesabroader supply zone .
Nevertheless ，should sellers regain dominance ，they will likely find immediate support near50 -day EMAaround71，021 。
Failingtoholdthissupportcouldexpose23 .6 %Fibonacci retracementat68，950withanotherpossible supportregionnear67 ，412。