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

Bitcoin is currently trading at $76,332.61, struggling to break through the $80,000 barrier due to intense selling pressure, despite an influx of fresh stablecoin liquidity, growing demand for ETFs, and a risk-on approach in the equity market. The leading cryptocurrency briefly surpassed $79,000 during Asian trading hours before retreating to trade below $78,000. Over the past 24 hours, bitcoin has declined by approximately 0.4%, while Ether has fallen 0.6%, XRP has dropped 0.8%, and Solana's SOL has decreased by more than 1%. The CoinDesk Memecoin Index and Smart Contract Platform Select Capped Index have also experienced declines of 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. Kuptsikevich stated that as bitcoin approaches this round figure, a buildup of sell orders is preventing the coin from moving further upwards. However, he believes the pullback appears temporary and is consistent 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. Nevertheless, security risks in decentralized finance continue to impact sentiment, with the SUI-based lending platform Scallop being exploited on Sunday, resulting in the loss of roughly 150,000 SUI, or about $142,000. This adds to a growing list of attacks this month, including the massive Drift and KelpDAO exploits. DeFi protocols have lost an estimated $623 million to hacks in April alone, according to Memento Research. 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.