Bitcoin Price News: BTC Eyes $77K as Bullish Price Pattern Forms

Published: April 06, 2026, 18:17 GMT+00:00

Key Points

• The market is recovering from geopolitical turmoil as the U.S. prepares to reopen the Strait of Hormuz.
• Bitcoin's supply in profit has increased to 59%, indicating a potential uptrend.
• BTC is projected to rise to $77,000 if key trend line support holds.

Market Overview

Bitcoin (BTC) has gained 3% in the last 24 hours, with over $265 million in short positions liquidated in the futures market. The positive market sentiment comes despite rising geopolitical tensions, particularly related to U.S. President Donald Trump’s aggressive stance towards Iran, which has led to a surge in oil prices to $114.

Geopolitical Context

The U.S. military's dominance over Iran has calmed market fears of a prolonged inflation spike, allowing cryptocurrencies to regain momentum. The Crypto Fear and Greed Index has improved from a low of 25 to 38, indicating a shift towards a more neutral market sentiment.

Bitcoin's Supply Dynamics

Bitcoin's on-chain data shows that the percentage of BTC's supply in profit has recently recovered to 59%, up from a low of 52% in late February. Historically, buying BTC when this metric dips below 50% has proven beneficial for investors, suggesting that current market conditions may present a buying opportunity.

Technical Analysis

Chart analysis indicates the formation of an ascending triangle pattern, typically a bullish signal. If BTC maintains its upward trajectory, it could reach $77,000, with potential for further gains if it retests the 200-day exponential moving average (EMA). The Relative Strength Index (RSI) has also shown bullish momentum, indicating a strong buying signal if it surpasses the 60 mark.

Trading Opportunities

On a shorter time frame, a buy signal has emerged after BTC bounced off its trend line support. This presents a favorable risk-reward ratio for long positions, especially if traders wait for a better entry point. Institutional participation is suggested by above-average trading volumes accompanying recent price movements.

Conclusion

Overall, the current market conditions and technical indicators suggest that Bitcoin may be on the verge of a significant price increase, potentially reaching $77,000 or higher in the near term. Investors are advised to monitor key support levels and market sentiment closely.