Summary Over the past few weeks, Bitcoin (BTC-USD) has moved out of a period of pressure and into a recovery phase. Although its price action is still being shaped not only by crypto-specific factors but also by the broader macro backdrop. After pulling back to the $75.6K area, the cryptocurrency is once again testing resistance near $76.9K, supported by demand from institutional investors. By Anton Kharitonov Over the past few weeks, Bitcoin ( BTC-USD ) has moved out of a period of pressure and into a recovery phase, although its price action is still being shaped not only by crypto-specific factors but also by the broader macro backdrop. After pulling back to the $75.6K area, the cryptocurrency is once again testing resistance near $76.9K, supported by demand from institutional investors. Institutional capital remains the main source of support. ETF flows, large-scale buying, and capital reallocation toward BTC are driving the current price structure rather than retail participation. This reflects a broader regime shift: Bitcoin is becoming less dependent on traditional crypto cycles and is increasingly behaving like an alternative macro asset sensitive to liquidity, interest rates, and large-fund positioning. The macro environment remains the second most important factor after ETF demand. The Fed’s hawkish tone, the prospect of higher rates for longer, and Bitcoin’s sensitivity to geopolitical risk continue to shape short-term prospects. Geopolitical tensions work in both directions: they raise risk aversion, but they also increase interest in BTC as an alternative asset amid uncertainty in commodity markets and inflation expectations, even if its safe haven properties are still debatable. A further positive factor is the gradual decline in regulatory uncertainty. The convergence between SEC and CFTC approaches, along with broader access to digital asset infrastructure from traditional banks, is reducing the structural regulatory discount on BTC. This is not a short-term catalyst, but it does create a more favorable foundation for continued institutional inflows. As long as Bitcoin remains firmly above $75K, the outlook stays constructive, and bulls may attempt another test of the stated resistance. A breakout above it would open the way toward $78.4K-79K. On the other hand, a loss of $75K would raise the risk of a break below $74K and a decline toward $72K-71K. Original Post Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.