Bitcoin Regains Ground on Renewed Institutional Demand, Fails to Break $78,490 Barrier

Bitcoin's price has regained ground after recovering more than 2% last week and reclaiming $65,000. This rebound is partly attributed to renewed institutional demand, with spot Exchange Traded Funds (ETFs) attracting $853.54 million in inflows.

The bulls' support around the 200-week Simple Moving Average (SMA) at $64,009 has helped stabilize the price. However, Middle East tensions and ongoing US-Iran conflict continue to weigh on risky assets like Bitcoin.

The failed activation of the Bitcoin Improvement Proposal (BIP) 110 soft fork highlights the difficulty of implementing controversial changes to Bitcoin's consensus rules without broad support from miners and the wider community. The proposal aimed to restrict non-financial data, but it only gained 2.53% miner support before stalling.

Institutional demand remains a key factor in driving Bitcoin's price. If these inflows continue, BTC could see further gains this week, potentially extending its recovery toward the 61.8% Fibonacci retracement level at $78,490.