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Bitcoin Reaches Three-Month High: $80,500 Quickly Turned into a Critical Resistance Level at $81,486

Bitcoin reached $80,500 for the first time in three months.

Analysts are highlighting the short-term resistance level at $81,486, and a break above this level could trigger further increases.

While short-term selling is decreasing, significant profits are still being observed in long-term positions.

However, the main focus is on whether the $80,000 support level will hold and whether a new upward path will open for BTC.

On Monday, May 4th, Bitcoin's price rose towards $80,500, reaching its highest level in the last three months. Testing this price band for the first time since January 31st, Bitcoin reached just above the average cost for short-term investors. After moving above $80,000, attention has now turned to $81,486. This value is considered the average purchase price of the coin over 155 days and represents a significant psychological threshold for the short-term future.

In recent hours, analysts emphasize that maintaining the $81,500 level on a daily basis is crucial for the continuation of the uptrend. If this level is surpassed, a renewed increase in profits and a significant decrease in selling pressure are expected in the short term. A crypto analyst notes that short-term losses have decreased by around 2.17%, and the increase in seller volume continues. Despite achieving an average profit of approximately 27% in the long term, this group is not showing any rapid selling pressure.
In addition, the spending profit ratio data, which shows the profitability of spent coins, is also noteworthy. This ratio increased from 0.99 to 1.097, indicating that coins are changing hands at a profit again. Experts say that there has been no increase in sales by long-term investors and that accumulation continues in the market.

When exchange transfers are examined, it is seen that 97.2% of recent Bitcoin inflows came from short-term investors. Investors with wallet balances between 1 and 1,000 BTC accounted for 58% of total inflows. The period, which peaked with 35,649 BTC inflows to exchanges on April 24th, saw this amount drop to 3,895 BTC by May 3rd. This drop provided a momentary relief from selling pressure and indicated that the $80,000 level could strengthen as support.

In recent days, a net inflow of 8,512 BTC has been recorded on exchanges, peaking on April 27th and April 30th. The price absorbed this supply without experiencing a significant drop, indicating continued strong demand in the market.

Between May 1st and May 3rd, net inflows to exchanges fell to around 269 BTC, reaching a level of equilibrium. While short-term averages continue to rise, inflows and outflows are almost equal in the long term.
Exchange reserves increased by 5,773 BTC on a weekly basis, bringing the total reserve to 2,685,541 BTC. A slight decrease was recorded at the end of April. It appears that the coins held on exchanges haven't suddenly turned to selling, and there isn't yet a surplus in the market. However, if demand slows, selling pressure could resurface.

Another analyst points out that Bitcoin is retesting the resistance zone at $79,600. As long as it stays at this level, the next target is said to be the $84,000 range.

A cryptocurrency investor suggests that Bitcoin is maintaining its upward trend by holding at $79,600, and the next target is $84,000.

On the other hand, it is stated that if it falls below $80,000, the focus will shift to the new investor cost at $76,500, and in this case, conditions for the continuation of the rise will become more difficult.
‍$BTC