Bullish Seasonal Trends May Support Bitcoin's Price Despite Current Defensive Posture

As April comes to a close, Bitcoin is currently on the defensive at $80,235.26, but historical seasonal trends indicate that any downturns may be short-lived, potentially paving the way for an upward move in the coming weeks. Since 2013, data has shown that May tends to be a favorable month for the largest cryptocurrency, with it seeing gains in seven out of the last 13 years. Although the average return of around 8% is less impressive compared to stronger months like October and November, it still suggests a positive outlook. Following April's roughly 10% gain, the seasonal pattern indicates that the broader uptrend could remain intact, supported by similar bullish seasonality in the S&P 500, which is already near record highs. Back-to-back net monthly inflows into U.S.-listed spot exchange-traded funds (ETFs) signal strong institutional demand, with these ETFs pulling in over $1.8 billion this month after March's $1.32 billion. However, traders should keep a close eye on bond markets, where rising yields pose a challenge to risk assets. Analysts warn that despite the positive trends, risks such as a global economic flare-up and the impact of rising bond yields could affect the market. The technical charts show a potential bullish crossover, where the 50-day average is poised to move above the 100-day average, which could signal further upside if sustained.