Analysis: BTC approaches the key level of $80k, supported by institutional funds and whale purchases, but whether it can break through further remains to be verified.

ME News, April 23 (UTC+8): Bitcoin is once again pressing toward the $80k mark. Market analysis suggests this level has become a key resistance area for testing the strength of the current rebound. On the liquidity front, institutions have continued to flow in, providing support. Data shows that Bitcoin spot ETFs have recorded net inflows for 6 consecutive days, while Ethereum spot ETFs have also seen 9 straight days of increases, indicating a rebound in risk appetite. Meanwhile, whale addresses holding more than 1,000 BTC have accumulated roughly 270,000 BTC over the past 30 days, marking the largest monthly increase since 2013, while exchange reserves have fallen to a seven-year low.

On-chain data from Glassnode indicates that Bitcoin has reclaimed the “realized market average” (about $78.1k), but the cost basis for short-term holders is around $80.1k, creating a direct pressure zone. Once the price reaches this range, more than 54% of short-term investors will move into profit, which historically often corresponds to the peak stage of a rebound. At the same time, the funding rate on perpetual contracts remains negative, suggesting that short positions are still heavy. With spot demand continuing to improve, this may provide squeeze momentum for a subsequent rally.

Overall, although the funding structure and market resilience have improved, $80k still remains the key watershed. The market has yet to confirm whether it can turn from a resistance level into a support level. (Source: ODAILY)