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

Bitcoin, currently trading at $77,139.33, 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 suggesting 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 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 near-term ceiling due to concentrated sell orders, causing significant downward momentum as the coin approaches this round figure. However, Kuptsikevich 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, indicating fresh capital inflows 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. Nevertheless, security risks in decentralized finance (DeFi) continue to impact sentiment, with the SUI-based lending platform Scallop being exploited, resulting in the loss of roughly 150,000 SUI, or about $142,000. 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, threatening to destabilize the global economy with high inflation.