Bitcoin Rebounds Amid Strong Institutional Cost Basis

US spot Bitcoin ETFs have made significant progress in recovering from an $18 billion drawdown, bringing institutional cost basis back into focus. This development could potentially create a long-term market structure shift if Bitcoin breaks through its current resistance band.

The price of BTC is currently trading at $78,142.54 on the 4-hour chart, testing the upper resistance of the Bollinger band at $79,638.54. The EMA50 sits at $78,823.83, while the EMA200 provides longer-term support at $74,092.28.

Despite a neutral RSI reading of 40.55 and a MACD death cross at -293.52 indicating downside pressure, any bounce into the upper band may stall before a deeper test of the 50-EMA confluence.