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

The price of Bitcoin is currently hovering below the $80,000 mark, hindered by sellers despite an influx of fresh stablecoin liquidity, rising demand for ETFs, and a risk-on attitude in the equity market, suggesting a potential delay rather than a denial of a breakout. Bitcoin 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 experienced declines, with broader market benchmarks falling over 1%. According to Alex Kuptsikevich, FxPro's chief market analyst, the $80,000 level is acting as a near-term barrier due to concentrated 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 roughly 150,000 SUI. 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 remain above $90 per barrel, with Brent above $100, posing a threat to the global economy due to high inflation.