Bitcoin near $76K: are bulls gaining full control of the market?

Bitcoin has continued its positive start to the week, currently up 2% over the last 24 hours.

The leading cryptocurrency briefly touched the $75,988.40 mark during the Asian trading session on Tuesday.

However, it has slightly retraced and is now trading at $74,700 per coin.

Institutional demand supports the positive outlook, as spot Exchange-Traded Funds (ETFs) recorded their third consecutive week of inflows amid the ongoing US-Iran conflict.

Bitcoin’s breakout could push it towards the Transactional Liquidity (TLQ) above $79,000 in the near term.

Institutional demand drives BTC’s price

Bitcoin has been rallying over the past two weeks, driven by growing institutional demand for spot Bitcoin ETFs.

According to SoSoValue data, spot Bitcoin ETFs recorded inflows of $767.33 million last week, following $568.45 million in positive flows the previous week.

This marks the third consecutive week of inflows, indicating growing demand for Bitcoin-related products.

If these inflows continue and intensify, BTC could see further gains in the coming weeks.

Santiment also revealed that the percentage of Bitcoin held on exchanges has dropped to its lowest level since November 2017.

Typically, a decline in exchange balances indicates that fewer coins are available for sale.

A falling exchange supply generally supports the bullish case for Bitcoin, as it signals reduced sell pressure.

Michael Saylor’s Strategy disclosed that it acquired 22,337 Bitcoin (BTC) for approximately $1.57 billion last week, according to a Form 8-K filing with the US Securities and Exchange Commission (SEC) on Monday.

The average purchase price in this latest round was $70,194 per BTC, including fees and expenses.

Strategy's total Bitcoin holdings now stand at 761,068 BTC, accumulated at an aggregate cost of $57.6 billion, representing an average purchase price of $75,696.

BTC bulls aiming for the $79,000 target

The BTC/USD 4-hour chart remains bearish but efficient, though it could shift to a bullish trend as Bitcoin has performed exceptionally well over the past few weeks.

At press time, BTC is trading above $74,000 after surging more than 10% over the previous week.

The short-term bias remains bullish, as Bitcoin has broken above its 50-day Exponential Moving Average (EMA) around $72,800.

The Relative Strength Index (RSI) on the 4-hour chart, at 67, indicates strong positive momentum without entering overbought territory.

The Moving Average Convergence Divergence (MACD) line remains above the signal line in positive territory, reinforcing the building upside pressure following the prior consolidation.

Following this rally, Bitcoin has established initial support around its 50-day EMA at $72,800, with a deeper cushion near $70,900—the last swing low before the latest upward move.

If the rally continues, Bitcoin could grab the Transactional Liquidity (TLQ) at $79,333 in the near term.

With a sustained close above this area, opening the way to near $80,000, it’s the 100-day EMA.

However, Bitcoin would need to hold above the 50-day EMA for the bullish bias to remain intact.