Analyst: Bitcoin's key resistance level is $80,000, Whales and ETF Investors are Continuously Buying

As of April 23, Bitcoin is inching toward $80k in a gradual rebound—analysts note this signals a meaningful market structure improvement, though investor confidence still faces tests. On April 21, spot Bitcoin ETFs posted net inflows of over $11.8M (six straight days of gains), while spot Ethereum ETFs saw ~$43.4M in net inflows (nine consecutive days of positive flows). Glassnode says Bitcoin has broken above its $78.1k "realized market value" for the first time since mid-January—marking a notable reversal after months of weak structure. Still, the short-term holder cost basis sits at $80.1k, acting as direct overhead resistance. Glassnode analysts note a move to $80k would put over 54% of recent buyers in the black—a threshold historically tied to the end of bear market rebounds. Short-term holder profits have surged to $4.4M per hour, nearly triple the $1.5M seen at each of this year’s local tops. Bitfinex analysts are more bullish on the medium term: Wallets holding 1,000+ BTC have amassed 270k BTC in the past 30 days—the biggest monthly jump since 2013—while exchange reserves have hit a 7-year low. Glassnode adds perpetual contract funding rates remain negative, meaning if spot demand keeps improving, short positions could still fuel further upside. The options market shows little urgency, with implied volatility falling. Nexo analyst Iliya Kalchev notes Bitcoin’s rally is spot-driven, not leveraged—but to break recent highs, clear progress in Iran negotiations or broader market liquidity gains may be needed.