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Analyst: Bitcoin's upward momentum slows, trading at approximately $77,873
CryptoWorld News reports that, according to CoinJournal, Bitcoin (BTC) traded at approximately $77,873 on Monday. Despite having risen for four consecutive weeks since the end of March, its upward momentum has slowed as it nears the key resistance level around $80,000. Institutional demand continues to support Bitcoin’s rise. Data show that last week’s spot Bitcoin ETF net inflows were $823.7 million, compared with $996.38 million the week before, marking four consecutive weeks of positive net inflows. Although fundamentals support an upward trend, tensions between the U.S. and Iran and geopolitical uncertainty in the Strait of Hormuz have suppressed short-term risk appetite. If this trend continues, it could provide new upward momentum for Bitcoin.
The BTC/USD 4-hour chart shows a bearish trend. Despite rejecting at $80,000, Bitcoin’s outlook remains optimistic. Last week’s 6% gain pushed BTC above the 61.8% Fibonacci retracement level at $78,490, making it a key resistance zone. The immediate resistance level is at $78,962; breaking through this area could open the door to $83,437.