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

The price of Bitcoin is currently hovering just below the $80,000 mark, hindered by selling pressure despite an influx of fresh stablecoin liquidity, growing ETF demand, and a risk-on equity market, suggesting a potential delay in the breakout rather than a complete reversal. Bitcoin 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. "As Bitcoin approaches this round figure, a buildup of sell orders is preventing the coin from moving further upwards," he stated. 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 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. Nevertheless, security risks in decentralized finance (DeFi) continue to impact sentiment, with the SUI-based lending platform Scallop being exploited on Sunday, resulting in the loss of approximately 150,000 SUI, or about $142,000. This adds to the growing list of attacks this month, including the significant Drift and KelpDAO exploits. DeFi protocols have lost an estimated $623 million to hacks in April alone, underscoring a persistent structural risk for the sector. In traditional markets, WTI crude oil prices remain above $90 per barrel, with Brent above $100, threatening to destabilize the global economy with high inflation.