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

Bitcoin is currently experiencing a familiar pattern, hovering just below the $80,000 mark as sellers exert downward pressure, despite an influx of fresh stablecoin liquidity, growing ETF demand, and a risk-on attitude in the equity market, which may delay but not deny a potential breakout. In recent trading, the leading cryptocurrency briefly surpassed $79,000 during Asian hours before retreating to trade below $78,000, resulting in a 0.4% loss over the past 24 hours. Meanwhile, Ether has declined 0.6%, XRP is down 0.8%, and Solana's SOL has dropped over 1%, with broader market benchmarks also under pressure, falling more than 1% each. According to FxPro's chief market analyst, Alex Kuptsikevich, the $80,000 level is acting as a near-term barrier due to concentrated sell orders, causing significant downward momentum as the coin approaches this round figure. However, Kuptsikevich believes the pullback appears temporary and aligns with a 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 also remains strong, with U.S.-listed spot bitcoin ETFs pulling in $2.44 billion in investor money this month. Nevertheless, security risks in decentralized finance continue to impact sentiment, with the SUI-based lending platform Scallop being exploited, resulting in a loss of roughly 150,000 SUI, or about $142,000, adding to a growing list of attacks this month. 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, threatening to destabilize the global economy with high inflation.