Bitcoin Stuck Below $80K Amid Strong Institutional Demand
Bitcoin has been stuck in a range between $78,000 and $80,000 over the past few days. The price is currently around $79,300 per coin, down roughly 1% in the last 24 hours.
The strong institutional demand supporting the rally comes from spot Bitcoin Exchange-Traded Funds (ETFs), which are heading towards their second consecutive week of billion-dollar inflows. Data from SoSoValue shows that US spot Bitcoin ETFs recorded $1.13 billion in net inflows between Monday and Thursday.
Institutional investors appear to be rebuilding exposure to Bitcoin, with continued inflows potentially providing additional support for the price as it attempts to overcome resistance above $80,000. Strong retail demand is also a factor, with apparent spot demand increasing at its fastest monthly rate since late December, according to CryptoQuant.
However, analysts consider closing above the 365-day moving average near $83,000 crucial for confirming a broader shift into a new bull-market phase. A close below this level could indicate a deeper correction towards support levels such as $70,000 or even lower demand zones at the 50-day and 100-day EMAs.