Bitcoin Faces Resistance at $80,000, Analysts Predict Temporary Pullback

Bitcoin is currently trading at $78,012.40, struggling to break through the $80,000 threshold due to concentrated sell orders. Despite this, analysts believe the pullback is temporary and that the cryptocurrency will continue its upward trend. According to Alex Kuptsikevich, chief market analyst at FxPro, the $80,000 level is acting as a near-term ceiling, but on-chain and ETF data suggest fresh capital inflows are 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. However, security risks in decentralized finance (DeFi) continue to weigh on sentiment, with DeFi protocols losing an estimated $623 million to hacks in April alone. In traditional markets, WTI crude oil prices continue to hover above $90 per barrel, threatening to destabilize the global economy with high inflation.