Bitcoin once again surges above the $80,000 mark, which suggests renewed bullish momentum. Currently, BTC trades at $80,040.24 with 2.30% increase in the last 24 hours. The digital asset rose to an intraday high of around $80,600, its highest point since January 31.
The rally comes amid strength in Asian equity markets, with the MSCI Asia-Pacific index approaching historic highs that were established way back in 2011. The positive earnings of large technological corporations have contributed to global sentiment, which, in turn, positively affects crypto assets.
However, geopolitical tensions remain. US President Donald Trump indicated that the US would start guiding ships through the Strait of Hormuz, with Iranian officials warning that such a move could be regarded as a breach of the ceasefire.
One of the key factors for the recent Bitcoin rally has been heavy inflows into US BTC spot exchange-traded funds (ETFs). According to SoSoValue, institutional demand for Bitcoin is holding steady, with ETFs recording $629.73 million in inflows on Friday, marking its fifth straight week of inflows. Also, it recorded around $2.7 billion in inflows in the last three weeks. This has pushed total net assets above $100 billion.
Raising hopes about a possible US stablecoin yield provision, optimism is boosting sentiment, according to Richard Galvin, executive chairman at DACM, a crypto investment firm. He pointed out that despite being in the early days, the $80,000 mark has in the past served as a psychological barrier.
CryptoQuant says that a majority of the recent gains in Bitcoin have been driven by leveraged positions and not by organic spot demand. The rally in April was contributed to by the growth in perpetual futures demand entirely, and the spot demand continued to be in contraction throughout the period.
Traders on Polymarket assign a 56% probability that BTC will reach $85,000 this month, but only a probability of 2% that it will reach $90,000 this month.
Caroline Mauron, co-founder at Orbit Markets, said a decisive break above $80,000 for Bitcoin would provide “further positive momentum to the asset class.”
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BTC price is trading near $80,050, retaining a constructive bias as it holds above the 50% retracement at $78,962 and the 100-day Exponential Moving Average (EMA) near $75,903.
The Relative Strength Index (RSI) on the daily chart stands at 65.66 in bullish territory, and the Moving Average Convergence Divergence (MACD) has turned higher and turned positive.
On the upside, immediate resistance stands around $81,912, followed by the 61.8% Fibonacci retracement at $83,437. A daily close above this cluster would open the way toward $90,000.
On the downside, immediate support is seen at the psychological $80,000 level. The 50% retracement at $78,962 as a deeper floor.