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

Bitcoin, currently trading at $76,195.79, is experiencing a familiar pattern of hovering just below the $80,000 mark, hindered by sellers despite indications of fresh liquidity from stablecoins, demand for ETFs, and a risk-on attitude in the equity market, suggesting a 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%, while ether has dropped 0.6%, XRP has fallen 0.8%, and Solana's SOL has declined more than 1%. Broader market benchmarks also faced pressure, with declines of over 1% each. According to Alex Kuptsikevich, FxPro's chief market analyst, the $80,000 level is acting as a short-term barrier due to concentrated sell orders. Kuptsikevich noted that as bitcoin approaches this round figure, a buildup of sell orders prevents the coin from moving upward, but he believes the pullback is temporary and aligns with a broader uptrend that started 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 attracting $2.44 billion in investor money this month. However, security risks in decentralized finance (DeFi) continue to impact sentiment, with the SUI-based lending platform Scallop being exploited for roughly 150,000 SUI, or about $142,000, on Sunday. This adds to a growing list of attacks this month, including the Drift and KelpDAO exploits, with DeFi protocols losing an estimated $623 million to hacks in April alone. In traditional markets, WTI crude oil prices remain above $90 per barrel, with Brent above $100, threatening to destabilize the global economy with high inflation.