Bitcoin's price remains relatively stable around $77,000 thanks to several factors, but a sustained bull market looks difficult to achieve.

Bitcoin has shown resilience, rallying roughly 20% from February lows. That rally was fueled by several key drivers, notably spot ETFs that attracted about $3.8 billion. Activity from "whales" — long?term holders who traditionally act as a stabilizing force — also resumed.

However, as is often the case in the volatile crypto market, one company proved to be the strongest catalyst: Strategy. Over the past eight weeks, the firm bought a hefty $7.2 billion worth of Bitcoin, which clearly pushed prices higher. Large institutional purchases like this often act as catalysts for broader market sentiment.

Recent trends, though, point to a slowdown in capital inflows to spot ETFs, which may indicate cooling interest or saturation of existing investment flows. Going forward, market behavior will be even more dependent on activity from a relatively small number of large players.

A key issue to watch is the apparent exhaustion of Strategy's funding sourced from its issuance of perpetual preferred shares (STRC). Once that liquidity source runs dry, and if no new large buyers emerge, market pressure is likely to increase. The absence of such sizable inflows could trigger a price correction as demand sustained by large purchases weakens.

So, while the current dynamics are encouraging, bitcoin's further movement will largely depend on new institutional interest and the market's ability to attract fresh capital. ETF inflows and whale activity will remain important indicators, but long-term demand sustainability will determine the medium-term price trajectory.

Trading recommendations

Bitcoin

Buyers are currently targeting a return to $77,700, which opens a direct path to $79,100 and then $80,900. The fartherst target is the high near $83,100; breaking that would signal attempts to resume a bull market. In case of a decline, buyers are expected at $76,300. A drop below that area could quickly push BTC toward $75,000, with the far downside target around $73,100.

Ethereum

A clear hold above $2,394 opens a direct path to $2,459. The far target is the high near $2,575; breaking that would indicate strengthening bullish sentiment and a new wave of buying activity. In case of a decline, buyers are expected at $2,314. A fall below that area could quickly push ETH toward $2,245, with the far downside target around $2,162.

What's on the chart

• The red lines represent support and resistance levels, where the price is expected to either pause or react sharply.
• The green line shows the 50-day moving average.
• The blue line is the 100-day moving average.
• The lime line is the 200-day moving average.

Price testing or crossing any of these moving averages often either halts movement or injects fresh momentum into the market.