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

ME News message, April 23 (UTC+8): Bitcoin is once again testing the $80,000 level. Market analysts believe this area has become a key resistance level for assessing the strength of the current rebound. On the capital front, continued institutional inflows are 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 growth, indicating a recovery in risk appetite. At the same time, whale addresses holding more than 1,000 BTC have accumulated approximately 270,000 BTC over the past 30 days—its largest monthly increase since 2013—and exchange reserves have fallen to a seven-year low.

On-chain data: Glassnode notes that Bitcoin has once again reclaimed 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. Meanwhile, the perpetual contract funding rate remains negative, indicating that short positions are relatively heavy; with spot demand continuing to improve, this may provide squeeze momentum for a subsequent move higher. Overall, although the capital structure and market resilience have improved, $80,000 remains the key watershed, and the market has not yet confirmed whether it can turn from resistance into support. (Source: ODAILY)