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

Bitcoin, currently trading at $79,854.07, is experiencing a familiar struggle to break through the $80,000 threshold, hindered by sellers despite an influx of fresh stablecoin liquidity, increasing ETF demand, and a risk-on attitude in the equity market, suggesting a potential delay rather than a denial of the breakout. The cryptocurrency briefly surpassed $79,000 during Asian trading hours before retreating to trade below $78,000. Over the last 24 hours, bitcoin has seen a loss of about 0.4%, with Ether down 0.6%, XRP dropping 0.8%, and Solana's SOL experiencing a decline of over 1%. Broader market benchmarks also faced pressure, with the CoinDesk Memecoin Index and Smart Contract Platform Select Capped Index each falling 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. Kuptsikevich noted that as bitcoin approaches this round figure, a buildup of sell orders prevents it from moving further upwards, but he argues the pullback seems temporary and aligns with a broader uptrend that started in late March. Supporting this view are on-chain and ETF data. Binance has recorded 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 pulling in $2.44 billion this month. 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. DeFi protocols have lost an estimated $623 million to hacks in April, underscoring a persistent structural risk. In traditional markets, crude oil prices remain above $90 per barrel, threatening to destabilize the global economy with high inflation.