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

ME News report: On April 23 (UTC+8), Bitcoin is once again nearing the $80,000 threshold. Market analysis believes this level has become a key resistance point for testing the strength of the current rebound. In terms of capital flows, institutions continue to flow in, providing support. Data shows that Bitcoin spot ETFs have recorded net inflows for 6 consecutive days, and Ethereum spot ETFs have also seen 9 straight days of inflows, indicating a recovery in risk appetite.

At the same time, whale addresses holding over 1,000 BTC have collectively increased their holdings by about 270,000 BTC over the past 30 days, the largest monthly increase since 2013, while exchange reserves have fallen to a seven-year low. As for on-chain data, Glassnode notes that Bitcoin has regained the “real market average price” (about $78.1k), but the cost basis for short-term holders is around $80.1k, forming 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 of a rebound phase.

Meanwhile, the perpetual contract funding rate remains negative, indicating that short positions are still heavier. With spot demand continuing to improve, it may provide squeeze momentum for further upside. Overall, although the capital structure and market resilience have improved, $80,000 is still the key watershed, and the market has yet to confirm whether it can turn from resistance into support. (Source: ODAILY)