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

MeNews
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 this rebound. On the capital side, continued institutional inflows provide support. Data shows that Bitcoin spot ETFs have seen net inflows for six consecutive days, and Ethereum spot ETFs have also recorded nine consecutive days of inflows, indicating a recovery in investor 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 once again reclaimed the "real market average price" (approximately $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, over 54% of short-term investors will enter profit, which historically often corresponds to the peak of a rebound. At the same time, the perpetual contract funding rate remains negative, indicating a heavy short position. Given the continuous 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. The market has yet to confirm whether it can transition from resistance to support. (Source: ODAILY)
BTC-2.20%
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