Analysis: BTC approaches the key level of $80k, supported by institutional funds and whale buying, but whether it can break through further remains to be verified.

ME News Report, April 23 (UTC+8), Bitcoin is once again pushing back toward the $80,000 level. Market analysis believes this level has become a key resistance point for testing the strength of this round of rebound. On the funding side, institutions continue to flow in and provide support. Data shows that Bitcoin spot ETFs have recorded net inflows for 6 consecutive days, and Ethereum spot ETFs have also seen 9 straight days of growth, indicating a rebound in risk appetite. Meanwhile, whale addresses holding over 1,000 BTC have accumulated about 270,000 BTC over the past 30 days, marking the largest monthly increase since 2013, while exchange reserves have fallen to a seven-year low.

As for on-chain data, Glassnode points out that Bitcoin has re-established itself above the “real market average price” (about $78.1k). However, the cost for short-term holders is around $80.1k, forming a direct pressure zone. Once the price touches this range, more than 54% of short-term investors will move into profit; historically, this often coincides with tops during rebound phases. At the same time, the funding rate for perpetual contracts remains negative, indicating that short positions are relatively heavy. With spot demand continuing to improve, it may provide squeeze momentum for the next leg upward.

Overall, although the capital structure and market resilience have improved, $80,000 is still the critical turning point. The market has not yet confirmed whether it can turn from resistance into support. (Source: ODAY)