BTC▲$65,662.00 price is consolidating around $79,000, with weekly spot ETF flows staying at the $800 million mark and sentiment neutral.
Bitcoin is trading around $79,000 on Monday morning, after holding the high-$70,000 range through the weekend. CoinGecko data shows Bitcoin closed at around $79,000 on April 26, though it eased slightly by Monday, April 27.
Blockchain analytics firm Glassnode said in its April 22 weekly report that BTC reclaimed the $78,000 threshold “as spot demand and ETF inflows return.” The firm added there’s still “upside near $80k facing resistance,” framing the current zone as more of a test than a breakout.
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BTC Price Faces Resistance Ceiling
The analysts suggest that the short-term holder cost basis now stands at around $80,100, which represents “the immediate resistance ceiling.” They added that a move toward $80,000 would push “more than 54% of recent buyers into profit.”
However, that dynamic makes the price move slower. As the price is getting close to the resistance, more short-term holders find themselves at the breakeven point, and some are already taking profit from their investments.
But fresh demand must be found to buy all the coins offered to the market at the lower price levels.
Sentiment Data Alarms Dangers
The overall outlook on ETFs is still favorable. According to data from SoSoValue, spot Bitcoin ETFs have seen a net inflow of around $824 million in the last trading week with a majority of these flows being attributed to BlackRock.
However, sentiment is beginning to change. According to data from Santiment, a crypto analytics firm, the ratio of positive to negative comments on Bitcoin had risen to 1.37:1 for the third-highest in three months, with the note that “Optimism that $80K is inevitable is itself a contrarian warning.”
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