Bitcoin, currently priced at $78,318.43, is experiencing a familiar pattern of fluctuation just below the $80,000 mark, hindered by selling pressure despite indications of increased stablecoin liquidity, growing ETF demand, and a risk-on approach in the equity market, suggesting a potential delay rather than a denial of a breakout. The cryptocurrency briefly surpassed $79,000 during Asian trading hours before retreating to trade below $78,000.
Over the past 24 hours, bitcoin has seen a loss of approximately 0.4%, with ether dropping 0.6%, XRP declining 0.8%, and Solana's SOL experiencing a drop of over 1%. Broader market benchmarks, including the CoinDesk Memecoin Index and the Smart Contract Platform Select Capped Index, also faced pressure, each falling by more than 1%. 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 further upwards, but he 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, 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 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. 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, posing a threat to the global economy with high inflation.