Bitcoin, with Institutional Funds Pouring In, Will It Break the $80,000 Barrier with a 4-Week Consecutive Rally?

▲ 비트코인(BTC)/챗GPT 생성 이미지 ©

Despite geopolitical risks from the Middle East, Bitcoin (BTC) continues its upward trend for the fourth consecutive week, nearing the $80,000 mark. The influx of institutional fund capital, aggressive accumulation by corporations, and expectations of abundant liquidity supply in the market are strongly supporting the rally of the leading cryptocurrency.

According to investment media FXStreet on April 24 (local time), this week's Bitcoin price surge was driven by institutional investors' demand for Bitcoin spot ETFs. As of Thursday, based on Sosovalue data, a net inflow of $809.25 million was recorded into these funds, signaling four consecutive weeks of significant capital inflow. Furthermore, Strategy continues its aggressive moves by investing $2.54 billion to purchase an additional 34,164 coins, bringing its total holdings to 815,061. As Bitcoin's price surpassed their average purchase price of $75,527, Strategy's stock price also soared to $183.25, drawing significant market attention.

Macroeconomic liquidity boosts are also fueling the rise. The U.S. Treasury is expected to undertake its largest-ever bond repurchase of $15 billion, which is anticipated to inject new vitality into the highly liquidity-sensitive cryptocurrency market. However, unresolved tensions in the Middle East, such as military friction and naval blockades between Iran and the U.S. concerning the Strait of Hormuz, continue to act as short-term deterrents, suppressing investors' preference for risk assets.

On-chain metrics generally support a positive structural shift. According to Glassnode analysis, the price has recovered its market average cost, signaling a significant bull market transition, which suggests that both retail and institutional spot demand are simultaneously reviving. Crypto analytics firm Santiment also analyzed that market sentiment has rapidly shifted from extreme pessimism to FOMO, advising that sustained spot absorption is needed to break $80,000, and a healthier rally would be possible if overheated sentiment were to calm down somewhat.

From a technical perspective, the leading cryptocurrency has risen over 5% this week, firmly maintaining a positive trend above the 50-day exponential moving average (EMA) of $72,790 and the 100-day EMA of $75,498. On the daily chart, the Relative Strength Index (RSI) shows an upward trend around 63, and the Moving Average Convergence Divergence (MACD) also records a positive value, indicating that buyers firmly hold market dominance.

In the short term, the primary resistance level to overcome is the Fibonacci 50% retracement at $78,962, followed by the strong psychological barrier of $80,000. If this resistance is breached, the 200-day EMA at $82,290 and the Fibonacci 61.8% retracement at $83,437 become the next upside targets. Conversely, in case of a downward correction, the previous resistance of $75,680 and the 100-day EMA will act as key support levels, and failure to hold support could push the price down to $74,487, the media diagnosed.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*