Bitcoin finally broke through the key resistance level at $79,450 on its fourth attempt. It climbed to new local highs above $81,000.
As of this article’s publication on May 5, 2026, BTC▼$65,750.00 trades around $81,000. The cryptocurrency gained 1.5% in the last 24 hours.
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The strong rally came during the U.S. trading session, driven by major inflows into Bitcoin ETFs. In the past 24 hours, BTC hit a low of $74,958 and a high above $81,000.
Ethereum (ETH), the second-largest cryptocurrency, trades near $2,380. It rose about 1% over the past day.
Most of the top 10 altcoins in 2026 by market cap opened Tuesday in the green. The only mild exceptions were XRP▼$1.21 (-0.1%) and Dogecoin (DOGE) at -0.4%.
Read more: Strategy Pauses Bitcoin Purchases for First Time Since Late March — What’s Behind the Halt?
What’s Driving Bitcoin’s Price on May 5?
The Fear & Greed Index jumped from 40 to 50 and moved into neutral territory.
According to Coinglass, traders saw $106.1M in short liquidations versus $53.3M in long liquidations over the last 24 hours.
Spot Bitcoin ETFs recorded $532.2M in inflows—the second straight day of positive flows. This helped BTC absorb selling pressure amid rising geopolitical tensions in the Middle East.
The market continues to watch U.S.-Iran relations closely. Even with the ceasefire extension, risks remain high after reports of U.S. Navy operations in the Strait of Hormuz and strikes on UAE oil infrastructure.
Brent crude futures are approaching four-year highs above $120 per barrel.
Read more: Iran’s Largest Crypto Exchange Nobitex Founded by Relatives of Supreme Leader — Reuters
On-Chain Data and Technical Outlook
Glassnode data shows holders of 2-3 year old coins (bought before the ETF launch) took profits at a rate of up to $209M per hour as BTC moved from $78,000 to $80,000.
CryptoQuant noted reduced selling pressure from short-term investors while testing $80,000. This signals growing confidence. However, analysts say stronger spot demand is needed for a sustainable breakout.
Technical analyst Michael van de Poppe believes the current pullback after $80,000 is a healthy consolidation before the next leg up. He sees $73,000-$75,000 as the key support zone.
