Bitcoin’s floor looks firmer at $80,000, but traders still don’t trust the breakout
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- Bitcoin is trading just above $80,000 after rebounding from a dip to $79,743 triggered by a stronger‑than‑expected jobs report.
- Enflux says ETF demand and low exchange reserves are building a structural floor for Bitcoin, but overhead resistance near $80,700 remains a real barrier.
- Glassnode data shows spot and perpetual buyers are more aggressive, while leverage and short‑side funding have risen, indicating many traders are still hedging.
- Bitcoin has gained 13.4% over the past 30 days and stays above $81,000, yet its price action resembles a resistance test rather than a breakout, with upcoming inflation data poised to influence its next move.
- Morgan Stanley is cited by Enflux as noting the recovering luxury watch market as a potential early indicator of affluent investor behavior, contrasting with Bitcoin’s difficulty clearing key resistance levels.
Why it matters: Institutional investors gain a sturdier $80k floor while leveraged hedgers risk a pullback that pushes Bitcoin below $80k and curbs risk‑on sentiment, as inflation data looms.
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