On May 2nd, multiple data points point to $80,000 as Bitcoin's next target. Bitcoin rebounded 2.52% on Friday after holding support above the 100-day exponential moving average (100-EMA). At the same time, spot market buy volume increased, with the cumulative volume delta (CVD) reaching 11,500 BTC, the highest level since February 17th. Bitcoin futures activity is also heating up, with open interest rising 6.64% to 257,000 BTC, indicating new positions are being established. Bitcoin has bounced off the 100-EMA after testing the daily trend over the past two days. This pushed the price up 2.52% to $78,800 on Friday, maintaining a strong short-term upward trend. The current 100-EMA acting as dynamic support on the daily chart suggests higher time frame charts remain bullish.

Spot demand is also strengthening. Tracking net buy and net sell spot CVD reached 11,500 BTC, a new high since February 17th, indicating buyers have absorbed supply during recent pullbacks. Derivatives positions are expanding in tandem with price, showing new participants entering the market. Over the past 24 hours, open interest increased 6.64% to 257,000 BTC, indicating new positions are being built during Bitcoin's consolidation below $80,000. This follows a recent deleveraging of about 9,000 BTC, suggesting excess positions have been cleared during the rebuilding of leverage markets.

Futures volume has recovered to 98,300 BTC, signaling a return of net buying pressure. However, it remains below the levels seen during the April 27th pullback. Meanwhile, liquidity continues to cluster in the $78,000 to $80,000 range, with approximately $2.1 billion in short positions at risk of a short squeeze near this key level. Institutional activity also remains supportive. OTC balances over the past 30 days have decreased to around -20,700 BTC, comparable to levels in March 2025, indicating Bitcoin is flowing out of OTC desks and reducing immediate available supply. ETF fund flows show a similar pattern, with $1.97 billion in ETF inflows in April. $BTC