header-langage
简体中文
繁體中文
English
Tiếng Việt
한국어
日本語
ภาษาไทย
Türkçe
Scan to Download the APP

Multiple indicators suggest that the market has shifted back to a bullish sentiment, with Bitcoin potentially rising to $80,000.

BlockBeats News, May 2nd, multiple data points to $80,000 as the next target for Bitcoin. After Bitcoin held support at the 100-day Exponential Moving Average (100-EMA), it rose 2.52% on Friday. At the same time, spot market buying pressure increased, with Cumulative Volume Delta (CVD) reaching 11,500 BTC, the highest level since February 17th. BTC futures activity is also picking up, with open interest rising by 6.64% to 257,000 BTC, indicating new positions being established. After retracing the daily trend line for the past two days, Bitcoin rebounded from the 100-day EMA. This pushed the price up by 2.52% to $78,800 on Friday, maintaining a strong short-term uptrend. The 100-day EMA, currently acting as dynamic support on the daily chart, suggests a bullish outlook on higher time frame charts.


Spot demand has also strengthened. Tracking the net buying and selling of spot CVD reached 11,500 BTC, a new high since February 17th, indicating that buyers absorbed supply during the recent pullback. Derivatives positions have expanded in sync with the price, indicating new participants entering the market. Over the past 24 hours, total open interest increased by 6.64% to 257,000 BTC, indicating that new positions are being established while Bitcoin consolidates below $80,000. This comes after a recent liquidation of approximately 9,000 BTC in leveraged positions, indicating that excess positions in the leveraged market have been cleared.


Futures volume has recovered to 98,300 BTC, signaling a return of net buying pressure. However, it remains below the levels seen during the pullback on April 27th. Meanwhile, liquidity continues to concentrate in the $78,000 to $80,000 range, with around $2.1 billion in short positions at risk, potentially triggering a short squeeze near this key level. Institutional activity is also somewhat supportive. OTC balance 30-day change has decreased to around -20,700 BTC, similar to the levels seen in March 2025, with the balance decline indicating BTC outflows from OTC desks, reducing immediate available supply. ETF fund flows show a similar pattern, with ETF inflows in April reaching $1.97 billion.

举报 Correction/Report
Correction/Report
Submit
Add Library
Visible to myself only
Public
Save
Choose Library
Add Library
Cancel
Finish