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Bitcoin has continued its recovery on the back of strong moves from major investors, rising around 4% in 24 hours to reach nearly $78,400, its highest level since early February.
Market data showed strong support at the $75,700 level, with major investors placing huge buy orders estimated at $217 million, cementing this level as a major short-term support area.
On the other hand, selling pressure is concentrated between $78,000 and $80,000, making this area a difficult obstacle for continued gains.
A clear break above the $80,000 level could open the door to a new leg higher, while failure to move above this level could see the price retest lower levels.
Bitcoin has shown remarkable resilience over the past few weeks, shrugging off negative news and reacting more to positive factors, rising more than 15% since the end of February.
Inflows into U.S. Bitcoin ETFs also picked up, reflecting improved investor confidence.
However, the short-term trend remains tied to general economic factors, with traders eyeing support at $75,000 and $72,000, with trading continuing within a broad consolidation range.
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