Bitcoin briefly touched the $70,000 level on April 7 before pulling back to around $69,427. This increase came alongside a $471 million inflow into spot Bitcoin ETFs on April 6, marking one of the largest daily inflows this year and signaling strong interest from institutional investors.
From a technical perspective, Bitcoin is still moving within an upward trend (ascending channel) on the 4-hour timeframe, with the price consistently forming higher lows from the $65,000 area toward $70,000. However, the $70,000 level remains a strong resistance that has capped price gains multiple times.
The MACD indicator shows a bullish signal, with the MACD line above the signal line and a positive histogram, indicating that upward momentum is still building. Some analysts suggest that if Bitcoin manages to break through this resistance, it could move toward the $71,000 level in the near term.
In terms of key levels, the $68,400 area acts as the nearest support. If the price drops below this level, Bitcoin may test the $67,478 area, which is considered a key invalidation point for the bullish trend. A break below that could open the door for further downside toward $66,300.
Meanwhile, continued inflows into Bitcoin ETFs highlight growing institutional demand, which is increasingly operating independently from broader macroeconomic conditions. This adds an extra layer of support for Bitcoin’s price, helping it stay resilient despite external pressures.
Overall, as long as Bitcoin holds above key support levels and successfully breaks the $70,000 resistance, the potential for further upside remains intact.
