As of the Asian morning on May 5, Bitcoin successfully broke through the key $80k level during the New York session on Monday (May 4), rising about 2.1% during the day and reaching a high of $80,594, the highest in nearly three months since the end of January 2026. Currently, the price is consolidating at a high level between $79,500 and $80,500, with the daily upward channel remaining intact and a slightly bullish short-term pattern.

The core factors driving this round of 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 US legislation negotiations related to stablecoin yields, and the continued improvement in the cryptocurrency regulatory environment has boosted market sentiment; third, on the capital side, the US spot Bitcoin ETF has recorded net inflows for the fifth consecutive week, with total inflows in April reaching the highest level since 2026, and a strong single-day inflow of about $630 million was recorded by the weekend.
The derivatives market also provided momentum—over the past 24 hours, crypto market short liquidations totaled approximately $359 million, with the short covering effect significantly amplifying the upward movement.
Looking ahead, if the $80k psychological barrier can be effectively held, it may open the way to test resistance zones between $82,000 and $84,000; short-term support is located around $79,000 to $79,500, with further support below 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