Bitcoin Fails to Break $80,000 Resistance Level, On-Chain Metrics Show Bullish Trends with a Mix of Caution

BlockBeats News, April 28th. Bitcoin plunged below $76,000, retreating after failing to break through $80,000, as the uncertainty surrounding the Suez Canal reopening and the macroeconomic situation unsettled the market. Meanwhile, technical indicators and on-chain data are sending mixed signals about whether BTC can sustain this round of rebound. Since hitting a low below $60,000 on February 6th, Bitcoin has seen a 30% recovery, but faced selling pressure in the $78,000 to $80,000 supply zone, causing it to stagnate. This range also coincides with the current position of the 20-week Exponential Moving Average (EMA), reinforcing the significance of this resistance level. Michael van de Poppe, the founder of MN Capital, stated that the current pullback is a "typical behavior" before the FOMC meeting. He added: "I believe we are still in a strong market trend."

On the downside, Bitcoin tested the $75,500 support level, which also coincides with the 20-day EMA, 100-day EMA, and the lower boundary of an ascending channel. Glassnode's Unspent Transaction Output Realized Price Distribution (URPD) data shows a key immediate resistance level around $78,000, with investors holding 335,650 BTC at that level; the average purchase price of approximately 298,560 BTC is $75,500, forming a critical support level.

On-chain, Glassnode data indicates that the Bitcoin market is showing a mix of "bullish momentum and cautious sentiment." Spot Cumulative Volume Delta (CVD) has risen from $18.3 million to $54.8 million, with a nearly 200% increase in the past week, reflecting strong bullish sentiment among market participants. However, spot trading volume has dropped 13.8% from $6.95 billion a week ago to $5.99 billion, indicating a "reduction in market activity." Concurrently, the number of daily active addresses has decreased by 1.6%, suggesting lower network participation.