Bitcoin is still holding above a key weekly support level, keeping $91,091 in view as the next technical target. A TradingView weekly chart shows BTC trading above the 20-period simple moving average at $74,986, which also marks the midpoint of the Bollinger Bands. As long as price stays above that zone, the upper band remains the main upside objective in the near term.
$74,986 holds the line for medium-term momentum
The weekly 20 SMA is doing more than acting as a chart marker. It is the level tied to the current medium-term bullish structure. The source analysis says staying above $74,986 is essential if Bitcoin is to preserve its upward momentum. Lose that area, and the current setup weakens quickly. Hold it, and traders will keep looking toward the upper Bollinger Band.
7.8 million BTC near $76,700 adds major resistance
On-chain data from Glassnode points to a more difficult obstacle: investor positioning. Roughly 7.8 million BTC sits around the $76,700 level, waiting to return to profit for holders. That supply includes both short-term and long-term investors. A large share of those coins was accumulated near earlier bull market peaks, leaving a heavy block of trapped supply above the market.
That overhang matters as Bitcoin pushes higher. If BTC moves toward $90,000, some holders may decide to sell once losses are recovered, adding pressure and making rallies harder to maintain. Glassnode’s view is blunt: a convincing breakout likely requires millions of coins to be absorbed by new buyers before resistance gives way.
Institutional demand is still absorbing part of the supply
There is still a counterforce. According to the source, Strategy added 24,869 BTC last week, extending its holdings during a period marked by rising US 10-year Treasury yields and heightened geopolitical tension. Analysts cited in the report say this kind of medium-term institutional buying helps ease some of the selling pressure sitting over the market.
That leaves Bitcoin in a tight contest between technical support and overhead supply. The near-term map is clear: $74,986 remains the level to defend, the $76,700 area carries heavy trapped supply, and $91,091 stands as the upper technical target if resistance breaks. Fed policy decisions and broader risk sentiment are also expected to keep volatility elevated in both directions.