Bitcoin Struggles to Break $80,000 Barrier Amid Temporary Pullback

Bitcoin, currently trading at $78,449.39, is experiencing a familiar struggle just below the $80,000 mark, hindered by selling pressure despite indicators such as fresh stablecoin liquidity, ETF demand, and a risk-positive 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 major cryptocurrencies like Ether, XRP, and Solana's SOL have also seen declines, with broader market benchmarks experiencing over a 1% drop. 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 notes that as Bitcoin approaches this round figure, a buildup of sell orders prevents it from moving further upwards, but argues the pullback seems temporary and aligns with a broader uptrend starting 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 and U.S.-listed spot bitcoin ETFs pulling in $2.44 billion in investor money, the most since October. However, security risks in DeFi continue to impact sentiment, with the SUI-based lending platform Scallop being exploited, resulting in the loss of about $142,000, adding to a growing list of attacks this month. DeFi protocols have lost an estimated $623 million to hacks in April, underscoring a persistent structural risk. In traditional markets, WTI crude oil prices hover above $90 per barrel, with Brent above $100, significantly higher than pre-Iran war levels, threatening to destabilize the global economy with high inflation.