Author: Nancy Lubale

Translated by: Shenchao TechFlow

Introduction by Shenchao: Bitcoin surged 5% on Tuesday, breaking through $76,000, reaching a new 70-day high. Technically, BTC broke through the upper trend line of the ascending triangle, with a quantified target pointing to $89,050. On-chain data is also strengthening: the daily number of transactions skyrocketed by 62%, reaching the highest level since November 2024 - at that time Bitcoin was still at $120,000. The divergence between network activity and price shows signs of correction, with several analysts believing that a trend reversal is being confirmed.

Market analysts stated that after Bitcoin (BTC) rose 5% on Tuesday, breaking through $76,000, it is exhibiting "reestablished bullish momentum," with bulls locking their sights on $90,000, and on-chain network activity is also improving in tandem.

Bitcoin price reaches a new 70-day high

TradingView data shows that BTC/USD rose over 5% on Tuesday, reaching a high of $76,120 intraday; the last time it was at this level was on February 6.

This surge has allowed Bitcoin to regain several key support lines, including the confluence area of the 100-day exponential moving average (EMA) and the simple moving average (SMA) around $75,000.

@CryptoBlockto tweeted: Bitcoin broke through $76,000 and is back above the March high, establishing bullish momentum again. The next key resistance level is $76,000; if it breaks through effectively, it will confirm a trend reversal and sustained upward momentum.

Caption: BTC/USD four-hour chart, source X/CryptoBlockto

From a technical standpoint, Bitcoin is validating a breakout of an ascending triangle - on Monday, the price already broke through the upper line at $73,000.

A daily close above the $75,000 moving average area will confirm that the breakout is valid, with the next resistance being the psychological level of $80,000.

Further up, bulls can push the price towards the quantified target of the ascending triangle at $89,050, providing about 18% room upward from the current price.

Caption: BTC/USD daily chart, source Cointelegraph/TradingView

The daily RSI (Relative Strength Index) has risen from the oversold area at 15 on February 6 to 63, with bullish momentum increasing steadily.

@ImCryptOpus tweeted: Bitcoin is trading within the horizontal supply zone of the ascending triangle, with the 100-day moving average also providing resistance above the current price. If it can strongly break through the upper trend line and the 100-day moving average, it will confirm that the market has entered a bullish phase.

Cointelegraph previously reported that a daily close above $76,000 would complete a bullish ascending triangle, opening the space for an assault on $84,000.

Bitcoin trading activity reaches a 17-month high

As prices strengthen, on-chain data is also aligning. The daily number of Bitcoin transactions has grown by 62% in 2026, reaching 765,130 on April 5.

The last time it reached this level was in November 2024, when the excitement of the U.S. elections pushed Bitcoin to break through $100,000 for the first time.

@CW8900 tweeted: The daily transaction number for BTC is even higher than when BTC was at $120,000. The network is showing signs of a bull market.

Caption: Daily Bitcoin transaction numbers, source CryptoQuant

Bitcoin's total transaction fee income is also rising, growing by 4% in the past week to $153,700. Glassnode stated in the latest Market Pulse report that this reflects an increase in on-chain demand:

"The rise in fees indicates that network activity is warming up, and users' willingness to pay for transaction priority is increasing."

Caption: Total Bitcoin transaction fees, source Glassnode

The simultaneous growth of transaction numbers and fees indicates that more users are interacting with the network. Increased on-chain activity is usually linked to market interest and participant confidence - this is particularly noteworthy when prices are relatively low.