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

Bitcoin is currently trading at $78,140.01, struggling to break through the $80,000 barrier due to strong selling pressure, despite an influx of stablecoin liquidity and growing demand for ETFs, which could signal a delayed rather than denied breakout. The cryptocurrency briefly surpassed $79,000 during Asian trading hours before falling back below $78,000, resulting in a 0.4% loss over the past 24 hours. Other major cryptocurrencies, including Ether, XRP, and Solana's SOL, have also experienced declines, with broader market benchmarks dropping over 1%. 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, causing significant downward momentum. However, Kuptsikevich believes the pullback is temporary and consistent with the 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 and U.S.-listed spot bitcoin ETFs attracting $2.44 billion in investor money. Nevertheless, security risks in decentralized finance continue to impact sentiment, with DeFi protocols having lost an estimated $623 million to hacks in April alone, underscoring a persistent structural risk for the sector.