Bitcoin is currently trading at $76,466 on April 20, representing a 0.99% gain on the 4-hour session, as reported by Crypto.news. The cryptocurrency is testing the upper boundary of an ascending channel that has been intact since the February lows near $59,000. The 4-hour MACD has simultaneously printed a bearish crossover with the MACD line at 148.89 crossing below the signal at 200.00, while the histogram reading stands at -51.11. This technical formation creates a directional tension that will likely define Bitcoin's near-term trajectory heading into the FOMC meeting on April 28.
The ascending channel connects the February lows near $59,000 with successive higher lows through March and early April, producing a clearly defined upper boundary now aligning near $77,500. According to Crypto.news analysis, the four simple moving averages remain in a bullish stack below price: SMA 20 at $75,881, SMA 50 at $74,605, SMA 100 at $72,467, and SMA 200 at $70,552. The 4-hour volume of 3.1K BTC is modest, confirming neither a high conviction breakout nor a distribution event at this stage.
The CME futures market closed at $77,540 on Friday before the weekend and reopened Monday at $74,600, creating an upside gap of approximately 3.8% that is acting as a near-term technical magnet for institutional positioning. As reported by Crypto.news, a confirmed 4-hour close above the channel upper boundary near $77,500 opens the CME gap at $77,540 as the immediate target, with $80,000 as the extended psychological objective. A sustained close below $74,605 breaks the channel midrange and puts the lower boundary near $70,552 into focus.
Bitcoin open interest stands at $57.15 billion per CoinGlass, with 24-hour futures volume of $72.75 billion and $136.5 million in futures positions liquidated in the past 24 hours. According to Crypto.news, Bitcoin funding rates on Binance have remained negative for approximately 46 days, meaning short positions have been paying long positions throughout the entire ascending channel advance. The current price is sitting directly on top of a $450 million sell wall identified between $75,900 and $76,300 per CoinGlass data from April 17.
Iran reimposed controls on the Strait of Hormuz over the weekend, effectively ending the two-week ceasefire and pushing Brent crude back above $100 per barrel. As reported by Crypto.news, Bitcoin pulled back from Friday's high of $78,000 as the macro risk environment reasserted itself at the weekend open. The FOMC meeting on April 28 and 29 is the next scheduled catalyst, with CME FedWatch showing a 98% probability of a rate hold. Until either the geopolitical situation de-escalates or the Fed changes course, Bitcoin's near-term ceiling is likely to be defined by the interplay between the ascending channel upper boundary and the accumulated short positioning sitting directly overhead.
