- Bitcoin price has formed an ascending triangle pattern, pointing to more gains.
- The coin has flipped the Supertrend indicator from red to green.
- Spot Bitcoin ETFs have continued adding assets this month.
Bitcoin price remained steady above the important support level at $75,000 on Tuesday morning. It has entered a bull market after rising by over 24% from its lowest point this year, and technical analysis suggests it has more upside ahead.
Bitcoin Price Supertrend and Rising Triangle Pattern Points to More Gains
The daily chart shows that the BTC price has jumped from a low of $60,000 in February to $75,500 today. A closer look reveals that the digital gold has already flipped the 50-day Exponential Moving Average (EMA) from a support level to resistance. Also, it is attempting to move above the 100-day moving average, which coincides with the 23.6% Fibonacci retracement level.
Most importantly, the coin has formed an ascending triangle pattern, consisting of a diagonal trendline and a horizontal line.
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Therefore, the most likely Bitcoin price prediction is bullish, with the next important resistance level to watch at the 38.2% Fibonacci retracement at $85,750. A move above that level will point to more gains to the 50% retracement at $93,500.
The bullish Bitcoin price forecast will become invalid if it drops below the key support level at $70,000, which aligns with the ascending trendline.
Bitcoin Has Some Notable Catalysts
BTC has some potential catalysts that may boost its performance in the near term. The most notable one is that the spot Bitcoin ETFs are adding substantial assets, a sign that investors are accumulating the coin.
These funds have added over $1.6 billion so far this month, surpassing the $1.4 billion they added in the previous month. If this trend continues, it means the funds may add as much as $3 billion by the end of April 2026.
At the same time, there is hope that the US will reach a deal with Iran as early as Wednesday when the two-week ceasefire ends. In a statement on Monday, Trump insisted that he wanted to reach a better deal than the one signed under Obama. Media reports also suggest he is already bored with the war, indicating he will want to end it soon.
The end of the war will be bullish for Bitcoin and the broader crypto market, as it will lead to lower crude oil prices and increase the likelihood that the Federal Reserve will cut interest rates.
Bitcoin traders will watch the upcoming grilling of Kevin Warsh, a senior economist whom Donald Trump nominated to become the next Federal Reserve Chairman. He will likely talk about his support for interest rate cuts and the crypto market.
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Bitcoin is also attracting investor attention amid the collapse of top players in the crypto industry. For example, the RaveDAO token, which surged recently, has collapsed, while crypto hacks have reached their highest level since February last year. As such, Bitcoin is seen as a safer haven in these conditions.
