After Bitcoin (BTC) rose 5% to reach above $76,000 on Tuesday, analysts believe BTC is showing signs of “Renewed Bullish Momentum.” Currently, BTC is trading at $75,050.16 with 1.38% increase in the last 24 hours. Now, bulls are eyeing a further rally to $90,000 amid strong network activity.
BTC has formed an ascending triangle pattern on the daily chart defined by an upper trendline just below the 100-day Exponential Moving Average (EMA) near $75,300 and a rising lower trendline.
The structure consolidated above $73,000 earlier in the week, ahead of a breakout above $76,000, the level last seen in early February.
The asset holds above the 50-day EMA at $71,124 after rebounding. The Relative Strength Index (RSI) on the daily chart hovers at 63, which rose from oversold conditions at 15 on February 6, suggesting continuous growth in bullish momentum, and the Moving Average Convergence Divergence (MACD) histogram remains positive.
Together, this suggests firm bullish momentum as long as BTC holds above $73,400, the upper boundary of the ascending triangle pattern.
On the downside, immediate support is seen at the 50-day EMA around $71,200. A deeper pullback would expose the 23.6% Fibonacci retracement at $69,053, the rising trendline support near $67,900.
A sustained break above the 100-day EMA at $75,273 and the nearby $75,680-$75,764 resistance cluster would open the door toward the $78,962 level and eventually to the psychologically important $80,000 mark.
Meanwhile, institutional demand also increased amid the price rally, with two consecutive days of inflows. According to SoSoValue data, spot BTC ETFs saw a net inflow of $186.03 million on April 15.
BTC’s transaction activity reached 17-month highs with a transaction count that increased 62% to 765,130 million in 2026. This level was last seen in November 2024 during the US Presidential Election, which pushed Bitcoin price above $100,000 for the first time in history.
In an X post, analyst CW800 said, “$BTC daily transaction count is higher than when $BTC was $120K.” He also added, “The network is showing bull market behavior.”
Bitcoin’s total fee volume has also increased by 4% over the last week to $153,700, this suggests “heightened on-chain demand,” Glassnode said in its latest Market Pulse report, adding: “This increase implies an uptick in network activity, potentially signalling a shift in user willingness to pay for transaction priority.”
Also Read: Bitcoin Price Hits $76K Before Pullback to $74K Range
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