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

Bitcoin, currently trading at $78,151.54, is experiencing a familiar struggle to surpass the $80,000 mark due to seller resistance, despite factors 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, including Ether, XRP, and Solana's SOL, have also experienced declines, with broader market benchmarks falling over 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. However, Kuptsikevich believes the pullback is temporary and aligns with the broader uptrend that began in late March. On-chain and ETF data support this view, with Binance recording a net stablecoin inflow of roughly $3.4 billion this month and U.S.-listed spot bitcoin ETFs attracting $2.44 billion in investor funds. Nonetheless, security risks in decentralized finance, including recent exploits such as the SUI-based lending platform Scallop, continue to impact sentiment. The traditional market also sees WTI crude oil prices hovering above $90 per barrel, threatening global economic stability with high inflation.