Analyst: Bitcoin's key resistance level is $80,000, Whales and ETF Investors are Continuously Buying

BlockBeats News, April 23, Bitcoin is gradually rebounding towards $80,000, with analysts stating that this marks a significant improvement in market structure despite the market confidence still being tested. The spot Bitcoin ETF saw a net inflow of over $11.8 million on April 21, marking the sixth consecutive day of inflows; the spot Ethereum ETF saw a net inflow of approximately $43.4 million on the same day, marking the ninth consecutive day of net inflows.

Glassnode has stated that Bitcoin has surpassed the "realized market value" of $78,100 for the first time since mid-January, signaling a meaningful reversal after months of a weak structure; however, the short-term holder cost basis is currently at $80,100, posing a direct overhead resistance. Glassnode analysts pointed out that a rise to $80,000 would bring over 54% of recent buyers into a profitable position, a threshold historically aligned with the exhaustion of bear market rebounds; profits for short-term holders have surged to $4.4 million per hour, nearly three times the $1.5 million associated with each local top this year.

Bitfinex analysts are more bullish in their medium-term stance, noting that wallets holding over 1,000 BTC have accumulated 270,000 BTC in the past 30 days, marking the largest monthly increase since 2013, while exchange reserves have dropped to a seven-year low. Glassnode also mentioned that perpetual contract funding rates remain negative, indicating that if spot demand continues to improve, short positions are still sufficient to drive further upside; the options market shows limited urgency, with implied volatility on the decline. Nexo analyst Iliya Kalchev added that Bitcoin's rise has been driven by spot rather than leverage, but to sustain a breakthrough of recent highs, clear progress in Iran negotiations or overall improvements in market liquidity may be necessary.