Bitcoin is currently trading at $77,280.16, struggling to break through the $80,000 barrier due to significant selling pressure. Despite fresh liquidity from stablecoins, demand for ETFs, and a favorable equity market, the cryptocurrency briefly surpassed $79,000 during Asian trading hours before retreating below $78,000.
Over the past 24 hours, bitcoin has declined by approximately 0.4%, with ether, XRP, and Solana's SOL experiencing similar or greater losses. Broader market benchmarks have also fallen, with the CoinDesk Memecoin Index and Smart Contract Platform Select Capped Index declining by over 1% each. According to Alex Kuptsikevich, FxPro's chief market analyst, the $80,000 level is acting as a short-term ceiling due to concentrated sell orders.
'As bitcoin approaches this round figure, a build-up of sell orders is preventing the coin from moving further upwards,' he stated. However, Kuptsikevich believes the pullback is temporary and consistent with the broader uptrend that began in late March. On-chain and ETF data 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 money this month. Nevertheless, security risks in decentralized finance (DeFi) continue to weigh on sentiment, with the SUI-based lending platform Scallop being exploited on Sunday, resulting in the loss of approximately 150,000 SUI, or about $142,000. This adds to a growing list of attacks this month, including the Drift and KelpDAO exploits.
DeFi protocols have lost an estimated $623 million to hacks in April alone, underscoring a persistent structural risk for the sector. In traditional markets, WTI crude oil prices continue to hover above $90 per barrel, with Brent above $100, threatening to destabilize the global economy with high inflation.