Bitcoin Retreats After Failing to Break $80,000; Pullback Seen as Temporary

Bitcoin failed to break above $80,000 and slipped into a short-term pullback as selling pressure capped gains.

CoinDesk reported on April 27 that Bitcoin briefly traded above $79,000 during Asian hours before falling below $78,000. It was down about 0.4% over the past 24 hours.

Major altcoins including Ether, XRP and Solana also moved lower, leaving the broader crypto market in correction mode.

Sell orders clustered around $80,000 are acting as near-term resistance, according to market observers. Alex Kuptsikevich, chief market analyst at FxPro, said Bitcoin had approached the $80,000 level twice in recent days, but upside was limited by sell orders piled up in that range.

The latest decline is not necessarily a sign of a trend reversal, however. Kuptsikevich added that the drop appears to be a temporary correction within an uptrend that has persisted since late March.

On-chain and fund-flow indicators still suggest supportive conditions. CryptoQuant data showed Binance recorded about $3.4 billion in net stablecoin inflows this month, following roughly $3 billion in inflows in March.

Institutional demand has also remained firm. US-listed spot Bitcoin ETFs attracted about $2.44 billion this month, the largest inflow since October last year.

CryptoQuant analyst Darkfost said fresh money is entering the market and liquidity is building on the sidelines ahead of further participation.

At the same time, security risks in decentralized finance are weighing on sentiment. Memento Research estimated DeFi hacks caused about $623 million in losses this month, with major incidents involving Drift and KelpDAO contributing to the total. Cumulative losses were put at about $7.72 billion.

In traditional financial markets, higher oil prices are also adding uncertainty. West Texas Intermediate was trading above $90 a barrel and Brent above $100, stoking supply concerns tied to tensions in the Middle East and fueling inflation worries.