Bitcoin, currently trading at $75,320.90, is experiencing a familiar struggle just below the $80,000 mark, hindered by sellers despite fresh stablecoin liquidity, ETF demand, and a risk-on equity market, which may delay but not deny a potential breakout. The cryptocurrency briefly surpassed $79,000 during Asian trading hours before retreating to trade below $78,000, resulting in a 0.4% loss over the past 24 hours. Other major cryptocurrencies, including Ether, XRP, and Solana's SOL, have also declined, with broader market benchmarks falling over 1%.
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. Kuptsikevich 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. 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 DeFi protocols losing an estimated $623 million to hacks in April alone. In traditional markets, WTI crude oil prices remain above $90 per barrel, threatening to destabilize the global economy with high inflation.