Bitcoin at $75K: Slow but Steady Growth
By: Alexander Kuptsikevich
Published: Apr 16, 2026
Market Overview
Bitcoin is currently trading around $75,000, showing signs of breaking free from a corrective pullback and aiming for further upward movement. The cryptocurrency market capitalization has increased by 1.5% over the past 24 hours, reaching $2.54 trillion, driven by a high-risk appetite in global markets.
Among the top-performing cryptocurrencies, Theta Network has surged by 10%, followed by Filecoin at 7.4% and Aptos at 6.9%. In contrast, Zcash has underperformed with a decline of 2.2%.
Bitcoin's Performance
Bitcoin has gained in 9 of the last 12 days, indicating a strong upward trend. Although it is slightly below the highs of the past two months, the momentum suggests potential growth towards the 200-day moving average, projected at $87,000.
XRP Update
XRP has recently surpassed the $1.4 mark and is attempting to consolidate above the 50-day moving average. Despite lagging behind Bitcoin and Ethereum, XRP has maintained key support levels, rebounding from the 200-week moving average and finding solid support near $1.30.
Market Dynamics
A negative funding rate in the derivatives market, combined with rising Bitcoin prices, is creating conditions for a potential short squeeze. This negative funding rate has persisted for 46 consecutive days, a rarity in market history.
In corporate news, BitMine, the largest corporate holder of Ethereum, has reported a net loss exceeding $9 billion over the past six months but continues to acquire Ethereum despite the downturn.
Goldman Sachs has filed with the SEC to launch a Bitcoin ETF, aiming to invest at least 80% of its net assets in Bitcoin-linked instruments.
Additionally, the State Bank of Pakistan has lifted an eight-year ban on cryptocurrency transactions, allowing local banks to open accounts for registered virtual asset service providers, although trading and holding cryptocurrencies remain prohibited.