Bitcoin fails to break through the $80k resistance level, with on-chain indicators showing a mix of bullish momentum and cautious sentiment

BlockBeats News, April 28 — Bitcoin fell below $76,000 after failing to break through $80,000, retreating amid uncertainties surrounding the reopening of the Strait of Hormuz and macroeconomic conditions. Meanwhile, technical and on-chain data provide mixed signals on whether BTC can sustain this rebound. Since hitting a low below $60,000 on February 6, Bitcoin has gained 30%, but it stalled due to selling pressure in the supply zone between $78,000 and $80,000. This range also coincides with the current 20-week exponential moving average (EMA), emphasizing the significance of this resistance level. Michael van de Poppe, founder of MN Capital, stated that the current pullback is a “typical behavior” ahead of the FOMC meeting. He added, “I believe we are still in a strong market phase.”

On the support side, Bitcoin retested the $75,500 support level, which also aligns with the 20-day EMA, 100-day EMA, and the lower boundary of an upward channel. Glassnode’s UTXO Realized Price Distribution (URPD) data shows that the direct resistance is around $78,000, where investors hold 335,650 BTC; approximately 298,560 BTC with an average buy-in price of $75,500 form a key support level.

On-chain, Glassnode data indicates that the Bitcoin market exhibits “a mix of bullish momentum and cautious sentiment.” The spot CVD (Cumulative Volume Delta) rose from $18.3 million to $54.8 million, an increase of nearly 200% over the past week, reflecting strong bullish sentiment among market participants. However, spot trading volume decreased by 13.8% from $6.95 billion to $5.99 billion over the past week, “indicating reduced market activity.” During the same period, daily active addresses declined by 1.6%, showing lower network engagement.