Key Highlights

  • Bitcoin climbed to $79,477, requiring sustained daily closes above the $80,000–$83,000 range to signal a definitive trend reversal according to market analysts
  • Spot Bitcoin ETFs attracted $2.03 billion during April, maintaining consecutive inflows for eight straight trading days
  • Large holders with 1,000+ BTC wallets added 270,000 BTC in a 30-day period — marking the strongest monthly accumulation since 2013
  • Glassnode data reveals BTC surpassed the “True Market Mean” price level of $78,100 for the first time since mid-January
  • The short-term holder cost basis stands at $80,100, representing the next critical resistance threshold

Bitcoin has staged a comeback toward the $80,000 mark following several weeks of downward momentum, prompting market participants to assess whether this level can transform into solid support.

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Bitcoin (BTC) Price

Wednesday’s trading session saw the digital asset reach $79,426 during intraday activity, followed by a modest retreat to approximately $78,400 by Thursday. This positioning maintains Bitcoin’s proximity to the $80,000 threshold that technical analysts have identified as crucial.

Investment from institutional players has provided substantial momentum. Spot Bitcoin ETFs registered $223 million in capital inflows on April 23, marking the eighth consecutive session of positive flows. Strategy acquired 34,000 BTC worth $2.54 billion, while Morgan Stanley’s recently introduced MSBT ETF attracted more than $153 million during its initial two-week period.

Eric Balchunas, a Bloomberg ETF analyst, observed that “every single rolling period we track is now positive, haven’t seen that in months.” Matt Hougan, Chief Investment Officer at Bitwise, emphasized that institutional long-only flows “never really stopped” — the shift stemmed from unwinding short-term basis trades rather than a decline in fundamental demand.

Major Holders Increase Positions at Unprecedented Rate

Analysts at Bitfinex revealed that addresses containing more than 1,000 BTC added 270,000 BTC throughout the previous 30 days — representing the most significant monthly growth recorded since 2013. Exchange balances have simultaneously declined to their lowest point in seven years, suggesting coins are being transferred to cold storage rather than liquidated.

Santiment’s on-chain metrics demonstrated that wallets holding between 10 and 10,000 BTC accumulated approximately 41,000 additional BTC during the past fortnight.

Glassnode verified that Bitcoin crossed above the “True Market Mean” threshold at $78,100 for the first occurrence since mid-January. The analytics firm simultaneously highlighted that short-term holders are securing profits at $4.4 million per hour — approaching triple the velocity observed at previous local peaks throughout this year.

Market Technicians Identify Critical Levels

Chartered market technician Aksel Kibar observed that a descending channel is “becoming better defined with several rejections at the upper boundary.” Jurrien Timmer from Fidelity indicated the current upward movement could still represent a bear flag pattern, while noting that Bitcoin appears to be “building a large base in preparation for the next major up wave.”

Trader Ted Pillows highlighted that the $79,000–$80,000 range contains “a lot of spot selling orders,” cautioning that inability to reclaim this zone might push BTC back toward $76,000.

Perpetual funding rates continue showing negative values, which Nexo analyst Iliya Kalchev characterized as actually favorable — advancing prices combined with negative funding indicates the movement originates from spot buying rather than leveraged positions.

Exchange holdings remain at seven-year minimums while major holder accumulation reaches its strongest monthly velocity since 2013.