As the 1st month of Q2 2026 comes to an end, the global crypto market cap surged from $2.45 trillion to over $2.7 trillion. Mirroring similar patterns, Bitcoin too has broken past the $70,000 resistance level and was changing hands at $76,893.57 at press time.
Seeing this, CoinGecko took to X and highlighted that BTC is close to touching $80,000 soon. This is because during the early hours of the 27th of April, the leading cryptocurrency was trading at $79,189.79.
Confirming the sentiment, a known investor, Ted Pillows, noted,
Coinbase Bitcoin Premium is still positive, which means spot demand hasn’t vanished.
Institutional demand for Bitcoin rises
For perspective, the Coinbase Premium is an index that measures the price difference of Bitcoin on Coinbase and Binance.
Since the index was at 0.02 at press time, it strongly suggested that the institutions and whales were buying Bitcoin, further pushing the price of BTC higher.
Ted believes that if the buying momentum continues, then Bitcoin [BTC] will reach $84,000 within a few days. However, a failure to reclaim the $80k level would push sellers to target the $75,000-$76,000 as the next price level.
This was further confirmed by the Bitcoin Supply Distribution chart by Santiment, which underlined that the most striking movement was made by the $10,000–$100,000 BTC line. The remaining lines were mostly moving sideways, indicating a period of accumulation.
Another well-known analyst, Ali Martinez, echoed a very similar analysis when he said,
For the rising channel to remain valid, buyers must defend $77,000.
Martinez added,
If this floor holds, it could serve as a strategic rebound zone to send BTC back toward the channel mid-range near $81,500, with a secondary target at the channel top of roughly $84,500.
On-chain resonates with the analysts, but…
The Bitcoin’s Spent Output Profit Ratio (SOPR) indicator, further lying close to 1.0, hinted that the market was at a break-even point. This means the market is testing whether the $77k price level is the new normal or just a peak before a correction.
However, CryptoQuant’s Bitcoin Bull-Bear Market Cycle indicator, lying in the bull zone, suggested that buyers are not that strong yet.
This might also be because of a recent discrepancy between BTC’s price action and ETF behavior that had exposed its April rally, as reported by AMBCrypto.
But, with the Crypto Fear and Greed Index finally up from the “Fear” and “Extreme Fear” levels to the “Neutral” zone, things might turn bullish in the near term.
Final Summary
- Bitcoin price hitting above the $70,000 mark is laying the groundwork for an upcoming bull run to $84,000.
- On-chain metrics are also in support, but still, Bitcoin’s April rally is raising eyebrows.
