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Bitcoin, slipping below the critical $80,000 threshold, tested the $79,654 level. Although short-term selling pressure increased with the breach of psychological support, the weekly influx of ETFs, reaching the highest in the past four months, is creating a balancing factor in the market.
Market Outlook and Price Movements
With the loss of the $80,000 level, the price retreated to the $79,654 range. This area is currently being monitored as the nearest support point. Along with profit-taking, sales accelerated due to rising global risks. Especially the tensions in the Strait of Hormuz and the increase in oil prices have somewhat reduced interest in risky assets.
Institutional Demand and ETF Inflows
Institutional interest in spot Bitcoin ETFs was quite strong this week. The single-day inflow of $629.37 million on Friday, May 2, indicates that fund managers are viewing withdrawals as buying opportunities. The four-month high reached on a weekly basis was the biggest factor easing selling pressure.
Technical Levels
$80,000 has now become a resistance zone that needs to be broken. Regaining this level is crucial for the upward momentum to regain strength.
Support Levels: $78,200 and $76,500. Daily closes below $78,000 could deepen the decline.
Resistance Levels: $80,800 and $82,400.
During declines, high ETF inflows and the maintenance of open positions in the futures market indicate that major investors are not liquidating their positions.
Macroeconomic and Political Effects
On the global risk front, rising energy prices are fueling inflation concerns and putting pressure on markets. On the political side, the slowdown of some regulatory processes is fueling short-term uncertainty and volatility.
Overall Assessment
Although Bitcoin remains below $80,000, strong institutional buying is limiting the decline. The $79,654 level stands out as a short-term support zone. Staying above this level and continued institutional demand could pave the way for a bullish move.
Do you think institutional fund inflows will be enough to push Bitcoin back above $80,000? Share your opinions.