Bitcoin Price Forecast: BTC Extends Rally Above $94k to Approach an Overhead Supply Zone

Bitcoin (BTC) price has rallied nearly 4% on Tuesday to retest $94k for the second time in 2026. The flagship coin gained bullish momentum on Tuesday during the mid-New York session catalyzed by easing inflation data, global geopolitical tensions, and rising capital rotation from the precious metal industry.

Source: X

Bitcoin Price Eyes New ATH Amid High Resistance

After possibly forming a bottom around $85k, Bitcoin price has gained bullish momentum with a target of a new all-time high. However onchain data from Glassnode shows that Bitcoin price will need to rally beyond the Ragnar between $93k and $109k, which is a substantial overhead supply zone.

Source: X

Main Reasons Why BTC Will Rally Further

High institutional demand

The demand for Bitcoin by institutional investors has surged in the past few weeks. After a significant whale selloff during the second half of 2025, onchain data shows this group has accelerated BTC acquisition 

As Coinpedia reported, Strive announced the acquisition of Semler Scientific and its BTC stash. As such, Strive increased its BTC holdings to nearly 13k. On Monday, Strategy announced its largest BTC acquisition of around 13,627 coins, thus increasing its Bitcoin holdings to 687,410 coins.

Rising capital rotation from gold

Bitcoin price is well positioned to continue in a bullish outlook in the near term catalyzed by the rising capital rotation from gold. From a technical analysis standpoint, the Bitcoin price has historically experienced a parabolic growth after a gold top-out.

Already, Gold price has shown signs of a top out amid the macro indicators showing a prolonged overbought. On the other hand, BTC price remains heavily oversold amid the rising global money supply catalyzed by the ongoing Federal Reserve’s Quantitative Easing (QE).