Bitcoin price tests $70,000 as spot ETF inflows reach $471 million within a 4-hour ascending channel

Bitcoin briefly touched $70,000 on April 7, reaching an intraday high of $70,036 as spot Bitcoin ETF inflows totaled $471 million on April 6—its strongest single-day institutional demand figure since late February, according to SoSoValue data.

After the peak, BTC eased to $69,427, pressing against the upper boundary of a 4H ascending channel that has been in place since late March. The move marked the first test of the $70,000 level since March 26.

4H technical setup: ascending channel and bullish momentum

On the 4H chart, Bitcoin is trading within an ascending channel formed by two parallel diagonal trendlines. The lower boundary aligns with the Supertrend at $67,478 and has acted as dynamic support throughout the recovery. The upper boundary coincides with the $70,036 resistance level.

Momentum indicators are also supportive. The 4H MACD shows a bullish cross, with the MACD line at 415.63 above the signal at 410.64 and a positive histogram of 4.98.

Key levels and what would confirm or invalidate the move

A confirmed 4H close above $70,036 would resolve the current resistance and target $71,000. Conversely, a break below the Supertrend at $67,478 would expose $66,300 as the next structural level.

Investtech also highlights $68,400 as immediate structural support below current price. A close below $68,400 would bring the Supertrend level at $67,478 into focus as the invalidation point for the bullish thesis. In the bear case, $66,300 is identified as the next support, implying roughly a 4.5% decline from current levels.

ETF inflows and institutional demand

Spot Bitcoin ETFs have continued to attract inflows, with the $471 million recorded on April 6 reflecting renewed institutional appetite at current price levels. SoSoValue data cited in the report places the figure as the 6th-largest single-day total of 2026.

Binance Research also noted that Bitcoin’s correlation with its Global Easing Breadth Index turned strongly negative after the launch of spot bitcoin ETFs, suggesting ETF demand is increasingly operating independently from broader macro conditions.

Near-term outlook: retest risk versus breakout attempt

If $70,036 continues to act as resistance, the report suggests a more probable near-term path would involve a retest of $68,400, followed by the Supertrend at $67,478 before any further breakout attempt.

On the upside, a clean 4H close above $70,036 with volume confirmation would keep the ascending channel intact and point to $71,000 as the next resistance level.

Analyst commentary cited

The report also references Michael van de Poppe of MN Trading Capital, who wrote on April 4 that the longer a range persists, the heavier the breakout becomes, adding an expectation for a break above $71,000. It further cites Investtech’s April 7 technical read, which points to a positive signal from a double bottom formation after a break above $68,120, with an additional rise toward $69,769 or higher—described as already achieved.