Bitcoin is up 1.79% to $76,127.96 in 24 hours, outperforming a broader market that is up 1.24%. This increase is primarily due to sustained institutional demand via spot ETFs. It shows a strong correlation (63%) with the S&P 500, indicating a macroeconomic-driven trend.
Main reason: significant inflows into ETFs, with nearly one billion dollars net last week – the best period since mid-January – have provided structural support to demand.
Secondary reasons: capital rotation from altcoins into Bitcoin, as dominance hits 59.53% and the altcoin seasonality index declines.
Short-term market outlook: If BTC holds above the key Fibonacci support at 23.6% around $75,170, it could test its recent peak near $78,300 again. A breakdown could trigger a drop to the 38.2% level at $73,221, especially if incoming flows into ETFs slow down before the FOMC meeting on April 28 and 29.
