Bitcoin (BTC) Price: ETFs Buy $240M on Friday as Price Hits Six-Week High

TLDR

• Bitcoin broke above a bear pennant pattern and hit a six-week high of $73,300
• Glassnode identifies a key resistance zone between $78,000 and $80,000
• Polymarket traders now give a 26% chance of BTC reaching $80,000 in April
• Bitcoin ETFs bought 3,350 BTC worth $240 million in a single day
• A U.S.-Iran ceasefire and easing macro fears helped push BTC up nearly 9% for the week

Bitcoin rallied above $73,000 on Friday, reaching a six-week high of $73,300 after breaking out of what had appeared to be a bear pennant pattern on the daily chart. The move came with rising trading volume, which analysts say shows stronger conviction behind the push higher.

The BTC/USD pair broke above the pennant’s upper trend line at $70,000, jumping 7% in a single session. Along the way, Bitcoin reclaimed several key moving averages, including the 200-week EMA at $68,350 and the 50-day EMA at $70,580.

A symmetrical triangle pattern has also formed on the daily chart. If that pattern plays out fully, the measured price target sits at $87,000, roughly 20% above current levels. The RSI is also showing bullish divergence, meaning momentum has been building steadily over the past two months.

Bitcoin’s next technical hurdle is the 100-day EMA near $75,400. A rejection at that level could weaken the current breakout.

What Onchain Data Says About $80K

Glassnode data puts a clearer ceiling on the near-term move. The firm’s risk indicator flags meaningful resistance between the true market mean at $78,000 and the short-term holder cost basis near $80,000.

Their Entity-Adjusted URPD data shows BTC has entered a relatively open zone between $72,000 and $82,000, with less supply overhead in that range. However, more than 1.3 million BTC were acquired between $82,000 and $85,000, which could act as a ceiling.

Analyst Ali Charts posted on X that $75,300 is acting as a “magnet” for Bitcoin, noting a large liquidity pool sitting just above $72,000. He said a move to $75,300 could wipe out around $80 million in short positions, potentially triggering a cascade of liquidations.

ETF Demand and Macro Backdrop

On the institutional side, Bitcoin Archive reported on X that Bitcoin ETFs purchased 3,350 BTC worth $240 million in a single day. ETFs now hold a combined 721,090 BTC, valued at approximately $56.75 billion.

Macro conditions also shifted in Bitcoin’s favor this week. A U.S.-Iran ceasefire helped lift risk assets broadly, pushing BTC toward a weekly gain of nearly 9% — its best week since October 2025.

March CPI came in at 3.3%, driven largely by a 10.9% surge in energy costs. Core inflation, however, rose just 0.2% for the month.

On Polymarket, traders now put a 26% chance on BTC hitting $80,000 in April, up 5% in 24 hours. The odds of reaching $75,000 stand at 76%.

Bitcoin ETFs held 721,090 BTC worth $56.75 billion as of Friday.

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