What to Know:
- Bitcoin rose 2.42% to $76,545, driven by nearly $1B in weekly spot ETF inflows and strong institutional demand.
- Market is rotating into Bitcoin, with dominance near 60% and price breaking key short-term levels on high volume.
- Key level to watch is $75,170, while Fed’s upcoming decision may impact momentum.
Bitcoin has climbed above $76,000, gaining 2.42% in the last 24 hours to trade at $76,545, outperforming the broader market, and the main driver behind this move is a strong return of institutional demand through spot Bitcoin ETFs.
ETF Inflows Power the Rally
The biggest reason behind Bitcoin’s rise is the surge in inflows into spot Bitcoin ETFs. Last week alone, these funds saw close to $1 billion in net inflows. On Friday, inflows jumped sharply to $663 million, signaling strong buying interest from institutions.
Data also shows that on April 20, U.S. spot Bitcoin ETFs recorded $238 million in inflows, marking the fifth straight day of positive flows. This consistent buying trend suggests that institutions are steadily accumulating Bitcoin again. One standout player is BlackRock’s ETF, which absorbed more than $600 million in a single week.
Market Shifts Back to Bitcoin
Another reason for the price increase is a shift in market focus. Investors are moving money away from smaller cryptocurrencies and putting it back into Bitcoin. This is reflected in Bitcoin’s market dominance, which has risen to nearly 60%.
While the price action looks strong, on-chain data shows a more mixed picture. Long-term holders have added around 354,000 BTC over the past month, showing confidence in Bitcoin’s future. At the same time, short-term traders have moved about 60,000 BTC to exchanges, which often signals selling activity. This creates a split in the market. Some investors are accumulating for the long term, while others are taking profits during the current rally.
Yesterday Strategy acquired 34,164 BTC for $2.54 billion at $74,395 per bitcoin and has achieved a BTC yield of 9.5% YTD 2026. As of 4/19/2026, they hold 815,061 BTC acquired for $61.56 billion.
Supply Tightens Despite Selling
Even with some selling activity, overall supply conditions are tightening. Exchange reserves, especially on Binance, have dropped to their lowest levels in months. This means fewer coins are readily available for trading. At the same time, spot Bitcoin ETFs added around 25,600 BTC last week, further reducing supply in the open market.
CryptoQuant contributor Maartun said the move does not yet confirm a full trend reversal. In an April 20 video, he said the market still shows signs of a bear market rally. He said long-term holders added about 354,000 BTC over the past 30 days, which he described as “structural accumulation.” He added the structure is improving, but he added that the rally has not yet earned “the benefit of the doubt.” His view places focus on whether bitcoin can break above nearby resistance and hold those gains.
Key Levels to Watch
The most important level right now is around $75,170. If Bitcoin stays above this, it could move higher and retest the recent high near $78,320. However, if it drops below this level, the price could fall toward $73,000. There are also resistance levels near $76,800 and $83,000 that Bitcoin needs to break to confirm a stronger upward trend.
The upcoming U.S. Federal Reserve meeting on April 28-29 is a major event that could impact Bitcoin’s price. If the Fed signals higher interest rates, it could put pressure on risk assets like crypto. On the other hand, a more relaxed stance could support further gains.
Conclusion
Bitcoin’s climb above $76,000 is being driven by strong institutional demand, especially through ETFs. At the same time, a shift toward Bitcoin and tightening supply are supporting the rally. However, the market is still showing mixed signals, with some investors buying while others are selling. The next few days will be crucial, as Bitcoin tests key levels and reacts to upcoming economic news.
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