Bitcoin has climbed to its highest level in more than three months after better risk sentiment returned to the market. The move followed news that Donald Trump extended the ceasefire with Iran, which helped lift Bitcoin close to $79,500. Even so, the setup still looks split.
Important to Know
- Bitcoin is back above its 100 day EMA, a trend line traders watch closely.
- CryptoQuant says the market looks like a disbelief phase as traders keep shorting the move.
- Several analysts still see $76,000 as a heavy resistance zone.
The technical picture has improved first. Bitcoin has now held above its 100 day exponential moving average for a second straight day after failing at that level last week. For newer investors, that line is often used to judge whether momentum is turning. It gives bulls a better case, but it does not confirm a new bull market by itself.
At the same time, futures data tells a very different story. According to our friends at CryptoQuant, funding rates on Binance remain negative even while Bitcoin moves up. Funding rates are payments between long and short traders in perpetual futures. When they stay negative, it usually means many traders still expect lower prices. CryptoQuant says the 30 day cumulative reading sits near -4.5%, which suggests the market is still fighting the rally instead of trusting it. That kind of setup can actually support more upside because crowded short positions can add fuel when price keeps rising.
Not All Bullish
Still, the bearish case has not gone away. Analysts point to the area around $76,000 as the latest major rejection zone. In their view, Bitcoin has again reached the upper end of its channel, similar to earlier stalls near $116,000 in October 2025 and $96,000 in January 2026. Because of that pattern, some see current levels as one of the cleaner short setups in about a year.
There is, however, one reason bears may not get the same result again. Large buyers are still active. Between April 13 and April 19, Strategy bought about $2.54 billion in Bitcoin at an average price of $74,395. Buying like that can absorb selling pressure and make deep pullbacks harder to trigger.
So the full picture is mixed. Bitcoin has stronger momentum, bearish trader positioning that could help the rally, and real institutional demand underneath. On the other hand, it is still pushing into a level where sellers have shown up before. That leaves Bitcoin in a stronger spot than before, but not in a clear run toward new record highs yet.
At time of writing, Bitcoin is moving hands at $78,150 according to CoinMarketCap data.