Analyst: Bitcoin failed to break through the $79,000 resistance level

CryptoWorld News reports, citing Coinpaper, that after Trump canceled his trip to Pakistan, the price of Bitcoin fell below $79,000. Traders are watching for ETF capital inflows and the resistance level near $80,000. Bitcoin has once again dropped back below $79,000 today; the failed diplomatic steps between the US and Iran have cooled short-term risk appetite, as the market tests a key resistance zone. After reaching an intraday high of $79,417 and a low of $77,572, the current trading price is $77,840. Although Bitcoin is still close to recent highs, it has not been able to hold above the latest attempted breakout. The market is currently balancing two opposing forces: on one hand, Bitcoin is supported by institutional capital inflows and the broader April recovery; on the other hand, the conflict between the US and Iran remains unresolved, with the Strait of Hormuz still at the center of negotiations. According to Sosovalue data, last week the US spot Bitcoin ETFs recorded a net inflow of $823.7 million, marking the fourth consecutive week of positive inflows and reinforcing the role of ETF demand in Bitcoin’s April recovery.