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

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ME News, April 23 (UTC+8), Bitcoin is once again approaching the $80k mark. Market analysts believe that this level has become a key resistance level to test the strength of the current rebound.
On the capital side, continued institutional inflows provide support. Data shows that Bitcoin spot ETFs have seen net inflows for 6 consecutive days, and Ethereum spot ETFs have also recorded 9 consecutive days of increases, indicating a recovery in risk appetite.
Meanwhile, whale addresses holding over 1,000 BTC have accumulated approximately 270k BTC over the past 30 days, the largest monthly increase since 2013, and exchange reserves have fallen to a seven-year low.
On-chain data: Glassnode points out that Bitcoin has reclaimed the 'Realized Price' (approximately $78.1k), but the short-term holder cost basis is around $80.1k, forming a direct resistance zone.
Once the price touches this range, over 54% of short-term investors will become profitable, which historically often corresponds to the peak of a rebound phase.
At the same time, the funding rate for perpetual contracts remains negative, indicating heavy short positions. With sustained improvement in spot demand, this could provide short-squeeze momentum for subsequent upside.
Overall, although the capital structure and market resilience have improved, $80k remains a key watershed, and the market has yet to confirm whether it can transition from resistance to support. (Source: ODAILY)
BTC-1.12%
ETH0.26%
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