Bitcoin, currently at $76,754.89, is struggling to surpass the $80,000 mark due to concentrated sell orders, despite favorable market conditions including increased stablecoin liquidity, ETF demand, and a positive equity market. The cryptocurrency briefly exceeded $79,000 during Asian trading hours but retreated to below $78,000.
Over the past day, bitcoin has declined by approximately 0.4%, with ether, XRP, and Solana's SOL also experiencing losses. According to Alex Kuptsikevich, FxPro's chief market analyst, the $80,000 level is acting as a short-term barrier due to the buildup of sell orders. Kuptsikevich believes the pullback is temporary and aligns with the broader uptrend that began in late March. On-chain data and ETF statistics support this view, with Binance recording a net inflow of roughly $3.4 billion in stablecoins this month.
Institutional demand remains strong, with U.S.-listed spot bitcoin ETFs attracting $2.44 billion in investor funds. However, security risks in decentralized finance continue to impact sentiment, with the SUI-based lending platform Scallop being exploited, resulting in a loss of approximately $142,000. DeFi protocols have lost an estimated $623 million to hacks in April, underscoring the persistent structural risk in the sector. In traditional markets, WTI crude oil prices remain above $90 per barrel, threatening to destabilize the global economy with high inflation.