Bitcoin Continues Uptrend, Reaches New High of $78,494

Bitcoin reached a new high of $78,494 on early April 24 trade, before trimming some of its gains to trade at $77,692.07 (10:33 IST). Analysts believe that the market is showing controlled strength, with the price consolidating below the $79,000-$80,000 resistance zone.

According to Delta Exchange, the market structure remains intact above $77,000. Sentiment has shifted from fear to FOMO, with increased participation near resistance. Macro conditions support risk appetite, with easing geopolitical tensions and a rebound in equities. Spot Bitcoin ETFs continue to see inflows, alongside stable derivatives positioning.

Delta Exchange noted that spot Bitcoin ETFs have added over $335 million, extending a seven-day streak of net inflows. At the same time, Bitcoin exchange reserves are near all-time lows, amplifying buying pressure while indicating that the intent to sell is low. A decisive weekly close above $80,000 could confirm a breakout, with support remaining at $77,000.

Read also: Bitcoin Sees Unprecedented Upsurge as Traders Eye $80,000 Target

Other major cryptos followed the cue, with Humanity Protocol surging by 10.19%, followed by Zcash by 8.55% and Chiliz by 6.03%. On the other hand, Monad plunged by 6.10%, Siren by 5.35% and JUST, Venice Token & Morpho, dropped by more than 3% each. The fear and greed index rises to 59, shifting the market sentiments to neutral.

Key Developments

• Tether froze $344 million in USDT following requests by US law enforcement.
• Metaplanet issued 8 billion JPY ($50 million) in 0% bonds to buy more Bitcoin.
• Mantle’s Core Contributor Team is lending 30,000 ETH from the Mantle Treasury to Aave DAO to cover bad debt from the $292M rsETH bridge exploit on April 18.
• Jane Street is seeking to dismiss an insider trading lawsuit accusing it of profiting from inside information before Terraform’s $40 billion crypto collapse.

Read also: Crypto Platforms Offer New Investment Vehicles for Gold, Drawing on Traditional Jewelry Industry Principles

What Investors Should Watch For

According to Pi42, the price action reflects a continuation of the recent uptrend, with Bitcoin holding firmly above key support levels and sustaining higher lows. ETF-driven demand continues to play a crucial role in supporting the rally, with consistent inflows reinforcing underlying strength.

However, as prices approach higher levels, some degree of profit-taking pressure is beginning to emerge, which could lead to short-term consolidation before the next directional move. Current indicators suggest a strengthening price structure, with momentum favouring the upside despite intermittent pullbacks.

Investors should avoid chasing short-term rallies until ETF inflows show sustained consistency and macro signals turn clearer. A staggered accumulation strategy near structural support zones may reduce entry risk. Keep an eye on the April 28-29 Fed meeting and April 30 US inflation data, as both could influence near-term volatility.