Bitcoin Faces Resistance at $80,000, Analyst Sees Temporary Pullback

Bitcoin, currently trading at $77,172.28, is experiencing a familiar pattern just shy of the $80,000 mark, hindered by sellers despite the influx of fresh stablecoin liquidity, growing ETF demand, and a risk-on equity market, which suggests the potential breakout may be postponed rather than cancelled. The cryptocurrency briefly surpassed $79,000 during Asian trading hours before retreating to trade below $78,000. Over the last 24 hours, bitcoin has seen a loss of about 0.4%, with ether dropping 0.6%, XRP falling 0.8%, and Solana's SOL declining over 1%. Market benchmarks, including the CoinDesk Memecoin Index and the Smart Contract Platform Select Capped Index, also faced pressure, each falling more than 1%. According to Alex Kuptsikevich, FxPro's chief market analyst, the $80,000 level acts as a near-term barrier due to concentrated sell orders. 'Bitcoin has approached the $80K mark for the second time in recent days but has since experienced significant downward momentum. As it approaches this round figure, a buildup of sell orders is preventing the coin from moving further upwards,' Kuptsikevich stated. However, he believes the pullback appears temporary and aligns with a 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, indicating fresh capital waiting for an entry point. Institutional demand remains strong, with U.S.-listed spot bitcoin ETFs pulling in $2.44 billion in investor money this month. Nonetheless, security risks in decentralized finance (DeFi) continue to impact sentiment, with the SUI-based lending platform Scallop being exploited, 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 significant 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 hover above $90 per barrel, with Brent above $100, as supply remains constrained, threatening to destabilize the global economy with high inflation.