Bitcoin (BTC) price movement shows bullish recovery after its previous downturn, and now the price is near the key resistance zone at $78,400 and $79,000. The rebound comes as institutional investors continued their inflows, while technical indicators show positive trends.
At press time, BTC trades at $77,949.75 with 2.45% increase in the last 24 hours, while it gained 5.49% in the past week.
According to a Monday filing, Michael Saylor’s Strategy added 34,164 bitcoin to its treasury at an average price of about $74,395 per coin, worth around $2.54 billion.
The acquisition takes the company’s total holdings to 815,061 BTC, valued at approximately $61.56 billion at an average cost of $75,527 per coin.
According to SoSoValue, Bitcoin spot ETFs on Tuesday recorded an inflow of $11.84 million, which marks the sixth consecutive day of inflows, totaling at $1.53 billion.
Also Read: Bitcoin Decouples from Nasdaq: Why It Matters Today
Technically, BTC trades above its 20-day EMA at $73,720, 50-day EMA at $72,363, and 100-day EMA at $75,530, which shows short-term bullish sentiment. The key support is around the $71,666 level, which has served as a major support during recent consolidation.
The longer-term 200-day EMA at $82,455 remains the overhead cap in the medium term. On the upside, immediate resistance lies at the 50% retracement at $79,059, just below the psychological $80,000 level and the 200-day EMA at $82,762.
On the downside, initial support lies around $75,680, followed by the 100-day EMA at $75,530 and the 38.2% Fibonacci level at $74,587.
The Relative Strength Index (RSI) is at 65.0, which implies healthy bullish movement without being in oversold territory. The Moving Average Convergence Divergence (MACD) is staying in positive territory, hinting that buyers retain control.
Bitcoin can go through a consolidation period and then seek a breakout. The overbought indicators, resistance on and around the $79,000 mark, are an indication that the market might run out of steam before it makes a sharp move.
Viktoras Karapetjanc, an expert at Traders Union, sees Bitcoin’s robust momentum as a function of persistent institutional accumulation and strong technical signals. He notes that sustained institutional inflows reinforce bullish sentiment. However, the analyst notes immediate resistance near $78,400 and elevated overbought readings, suggesting caution in the short term. "I remain optimistic on BTC as long as it stays above key supports, with any breakout above $79,000 likely amplifying upside potential."
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