Bitcoin surged over 5% on Tuesday to a 70-day high above $76,000, its highest level since early February. Analysts noted renewed bullish momentum as the price reclaimed key support levels and broke above March highs. Onchain network activity also strengthened, with daily transaction counts reaching 17-month highs and total fee volume increasing, indicators of heightened demand and bull market behavior.
Market analysts state Bitcoin is showing renewed bullish momentum following its rally above $76,000. The price hit an intraday high of $76,120, according to TradingView data, reclaiming key support levels including the $75,000 zone where key moving averages converge.
Analyst CryptoBlockto said Bitcoin broke above its March highs, signaling renewed bullish momentum. The analyst pointed out the next crucial resistance zone is $76,000, which would confirm a trend reversal.
From a technical perspective, Bitcoin is validating an ascending triangle after breaking above its upper trend line. Analyst CryptOpus stated Bitcoin is trading within the supply zone of this pattern. “A strong breakout above both the pattern and the 100MA would confirm a bullish rally in the market,” the analyst noted.
The strength in BTC price is reflected in onchain activity, which has hit 17-month highs. Bitcoin’s daily transaction count rose by 62% this year to 765,130 million on April 5, levels last seen in November 2024.
Analyst CW8900 said the daily transaction count is higher than when Bitcoin was at $120,000. “The network is showing bull market behavior,” the analyst added.
Bitcoin’s total fee volume has also climbed, increasing by 4% over the last week to about $154,000. Glassnode explained this indicates heightened onchain demand and an uptick in network activity. “This increase implies a shift in user willingness to pay for transaction priority,” the report stated.
