Bitcoin continued to test the $78,000 to $79,000 range on Thursday as traders watched closely for signs of a broader market trend reversal. Analysts noted that while sentiment has improved, a confirmed trend shift would likely require multiple daily closes above the $80,000 to $83,000 resistance zone.
Recent gains have been supported by strengthening market structure and renewed institutional participation. In April alone, spot Bitcoin exchange traded funds recorded inflows totaling about $2.03 billion. Meanwhile, major institutional activity included a purchase of 34,000 BTC worth approximately $2.54 billion by Strategy. Another boost came from Morgan Stanley, whose newly launched Bitcoin ETF attracted more than $153 million during its first two weeks of trading.
Institutional Demand and Market Structure Drive Momentum
Market analysts highlighted that institutional flows remain a central force supporting Bitcoin’s current structure, particularly with price support forming between $68,000 and $70,000. Some technical analysts also pointed to repeated rejections at upper channel resistance levels, suggesting the need for sustained buying pressure to confirm a breakout.
Despite concerns about bearish chart patterns, others believe Bitcoin may be building a long-term base after rebounding from lows near $60,000. Order book data also shows buyers increasing bids at higher levels, indicating growing confidence among traders as the market attempts to push beyond key resistance zones.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.