Bitcoin Reclaims $78,000 as $80,000 Resistance, Profit-Taking Test Rebound

Bitcoin has rebounded above key average price levels, though near-term resistance and profit-taking pressure are emerging at the same time, Glassnode said.

The on-chain analytics firm said on April 22 that Bitcoin’s True Market Mean — the average cost basis of active investors — climbed above about $78,100, reclaiming a major average price level for the first time since mid-January. Still, the Short-Term Holder Cost Basis of about $80,100 is acting as a key resistance level.

If Bitcoin rises toward $80,000, more than 54% of recent buyers would move into profit. That level has historically marked a threshold in bear-market rebounds where selling pressure intensified and gains slowed. Glassnode said the current cycle is now forming a second similar setup.

Short-term holder realized profit has risen to about $4.4 million an hour. That is roughly three times the $1.5 million level seen at this year’s major peaks, suggesting pressure from short-term profit-taking is building.

Institutional demand, however, is gradually recovering. Spot Bitcoin exchange-traded funds have returned to net inflows on a seven-day moving average basis after a prolonged stretch of outflows.

The spot market is also showing signs of recovery. Cumulative Volume Delta has turned positive, indicating buyers are gaining the upper hand. Buying has been particularly strong on overseas exchanges.

In derivatives markets, short positioning still dominates. Perpetual futures funding rates have remained in negative territory, leaving room for stronger spot demand to drive gains through short covering.

Market volatility, meanwhile, remains subdued. Both implied volatility and realized volatility in the options market have continued to decline, leaving price swings compressed.

"Taken together, Bitcoin has regained key price levels and laid the groundwork for a rebound, but it has also entered a zone where resistance near $80,000 and short-term profit-taking pressure are acting at the same time," Glassnode said. "Whether it breaks through that range will determine if the market extends gains or enters another pullback."