Bitcoin Eyes Break Above $80,000 as Spot and Institutional Buying Builds

Source

Doohyun Hwang

Summary

Bitcoin was seen attempting a move above $80,000 after confirming support at its 100-day exponential moving average (EMA) and climbing past $78,800.
Spot cumulative volume delta (CVD) rose to 11,500 BTC, while futures open interest (OI) increased to 257,000 BTC, indicating buyers remained in control and the market was rebuilding positions.
About $2.1 billion in short positions has accumulated in the $78,000 to $80,000 range, while spot Bitcoin ETF net inflows totaled $1.97 billion in April, signaling improving market direction.

Forecast Trend Report by Period

Bitcoin is attempting to rebound from a key support level, with analysts pointing to a potential break above $80,000.

Cointelegraph reported on May 1 that Bitcoin climbed 2.52% from a day earlier to trade above $78,800 after confirming support at its 100-day exponential moving average, or EMA. With the short-term uptrend intact, the report identified $80,000 as the next target.

Market data broadly points to stronger buying pressure. Spot cumulative volume delta, or CVD, reached 11,500 BTC, the highest level since Feb. 17. That suggests buyers actively absorbed supply during the recent decline.

New positioning also increased in derivatives markets. Bitcoin futures open interest rose 6.64% over 24 hours to 257,000 BTC. The market is rebuilding positions after roughly 9,000 BTC in leveraged positions were liquidated earlier.

Futures cumulative volume delta also recovered to 98,300 BTC, adding to net buying pressure. Short positions worth about $2.1 billion are concentrated in the $78,000 to $80,000 range. A move above that band could trigger a short squeeze.

Money has also continued to flow into spot Bitcoin exchange-traded funds. Net inflows into the ETFs reached $1.97 billion in April. Digital-asset analytics firm Ecoinometrics said the market recorded its longest streak of ETF inflows this year at nine consecutive days. It added that the sustained inflows mirrored the pattern seen just before last October's peak and indicated improving market direction.

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