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

Bitcoin is currently trading in a familiar pattern just below the $80,000 mark, hindered by selling pressure despite indicators such as fresh stablecoin liquidity, ETF demand, and a risk-positive equity market suggesting a potential breakout may be postponed rather than entirely prevented. The cryptocurrency briefly surpassed $79,000 during Asian trading hours before retreating to trade below $78,000. Over the past 24 hours, bitcoin has experienced a loss of approximately 0.4%, with Ether down 0.6%, XRP falling 0.8%, and Solana's SOL dropping over 1%. Broader market benchmarks also faced pressure, with declines of more than 1% each. 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. Kuptsikevich noted that as bitcoin approaches this round figure, a buildup of sell orders is preventing further upward movement. However, he 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 remains strong, with U.S.-listed spot bitcoin ETFs attracting $2.44 billion in investor funds this month. Despite this, security risks in decentralized finance (DeFi) continue to impact sentiment, with the SUI-based lending platform Scallop being exploited, resulting in the loss of approximately 150,000 SUI. 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.