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As of the Asian morning session on May 5, Bitcoin successfully broke through the key $80k level during New York hours on Monday (May 4), rising about 2.1% during the session, with a high of $80,594, marking the highest since late January 2026, nearly three months ago. Currently, the price is oscillating at a high between $79,500 and $80,500, with the daily upward channel remaining intact, indicating a short-term bullish trend.
The core factors driving this rally are threefold: First, on the geopolitical front, since the escalation of the US-Iran conflict, Bitcoin has gained approximately 20%, demonstrating strong resilience amid geopolitical shocks and rising oil prices; second, regarding policy expectations, progress has been made in negotiations over US stablecoin yield legislation, and the continued optimism about improved cryptocurrency regulation has boosted market sentiment; third, on the capital side, the US spot Bitcoin ETF has experienced net inflows for the fifth consecutive week, with April’s total inflow reaching the highest level since 2026, and a strong daily net inflow of about $630 million recorded by the weekend.
The derivatives market also provided momentum—over the past 24 hours, the crypto market saw approximately $359 million in short liquidations, with the short covering effect significantly amplifying the upward movement.
Looking ahead, if the $80k psychological level can be effectively sustained, it could open the way for testing resistance zones between $82,000 and $84,000; short-term support is located around $79,000 to $79,500, with further support near $78,000. However, attention should be paid to the decline in on-chain activity to a two-year low, and the broad participation in this rally still needs to be validated. #Gate广场五月交易分享
There are three core factors behind this rally: First, on the geopolitical front, since the escalation of the US-Iran conflict, Bitcoin has gained roughly 20% in total. Digital assets have shown strong resilience amid geopolitical shocks and the backdrop of rising oil prices. Second, in terms of policy expectations, progress in US stablecoin yield-related legislation negotiations continues to improve expectations for the cryptocurrency regulatory environment, which is further boosting market sentiment. Third, from a funding perspective, the US spot Bitcoin ETF has recorded net inflows for the fifth consecutive week. The total inflow for April reached the highest level since 2026, and by the weekend it also saw a strong single-day net inflow of about $630 million.
The derivatives market has also provided momentum. In the past 24 hours, the liquidation amount for crypto shorts was about $359 million, and the short-covering effect has clearly amplified the upside move.
Looking ahead, if the $80,000 psychological level can be effectively held, it may open up room to test the resistance zone between $82,000 and $84,000. Short-term support is at $79,000 to $79,500, with further support near $78,000. However, attention should be paid to on-chain activity falling to a two-year low, and whether broad participation in this rally can be confirmed still remains to be validated. #Gate广场五月交易分享