TL; DR
- BTC briefly touched the $79k level at the end of Sunday.
- US-listed BTC ETFs recorded more than $820 million last week, marking the fourth straight week.
Bitcoin (BTC) edged lower on Monday, trading around $77,873 after posting its fourth consecutive weekly gain since late March. Despite the slight drag, the broader picture remains intact, supported by the steady demand for institutions.
However, as BTC approaches the critical $80,000 level, global uncertainty associated with the US-Iran conflict and the Strait of Hormuz is reducing the near-term risk.
Institutional demand remains a key factor
Institutional trends continue to provide strong support for the path to Bitcoin. According to SoSoValue data, Bitcoin ETFs recorded $823.7 million in total inflows last week, following $996.38 million the previous week.
This marks four straight weeks of positive inflows, encouraging corporate interest. If the trend continues or accelerates, it could burn another leg above BTC soon.
While the fundamentals remain supportive, great uncertainty is looming. Reports indicate that Iran has proposed reopening the Strait of Hormuz and extending the existing ceasefire, in an attempt to end the long-running conflict. However, the results are unclear.
US President Donald Trump reportedly rejected the proposal as insufficient, while Iranian President Masoud Pezeshkian rejected the talks under pressure. This has dampened the interest of the risk-taking community, causing a pause in recent Bitcoin rallies.
Bitcoin price trends: Unprofitable bias despite resistance
The 4-hour BTC/USD chart remains stable and active. Technically, Bitcoin remains bullish despite facing resistance near $80,000. Last week’s 6% gain pushed BTC above the 61.8% Fibonacci retracement level at $78,490, an important resistance point.
A sustained move could see BTC retesting $80,000, with some targeting the 200-week EMA at $82,488.
Momentum indicators support the bullish trend. On the 4-hour chart, the RSI sits at 54, above the neutral zone, indicating weakening bearish momentum. Meanwhile, the MACD is showing a strong crossover from mid-April, with a rising histogram that encourages further upside potential.
On the upside, the resistance is at $78,962 (50% retracement), followed by the psychological $80,000 level. A break above this area could open the door to $83,437 (61.8% retracement) and $84,410.
However, if the bears regain control, the initial support is near $75,680, closely followed by the 100-day EMA at $75,619 and the 38.2% retracement at $74,487.
A deeper pull could test the 50-day EMA at $73,363, with further support at $68,950 and a lower limit near $63,033, ahead of the $60,000 building block.
