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, April 23 (UTC+8), Bitcoin is once again approaching the $80k mark. Market analysis suggests that this level has become a key resistance level to test the strength of the current rebound. In terms of capital flows, continued institutional inflows provide support. Data shows that Bitcoin spot ETFs have seen net inflows for 6 consecutive days, while Ethereum spot ETFs have also recorded 9 consecutive days of inflows, indicating a rebound in risk appetite among capital. 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 from Glassnode indicates that Bitcoin has once again reclaimed its "realized price" (approximately $78.1k), but the short-term holder cost basis is around $80.1k, forming a direct resistance zone. Once the price reaches this range, over 54% of short-term investors will become profitable, which historically corresponds to the peak phase of a rebound. At the same time, the funding rate for perpetual contracts remains negative, indicating a heavier short position. Given the continued improvement in spot demand, this could provide short-squeeze momentum for subsequent upside.

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