Bitcoin Fails to Break $80,000 Resistance Level, On-Chain Metrics Show Bullish Trends with a Mix of Caution

April 28: Bitcoin plunged below $76,000 on Thursday, pulling back after failing to break above $80,000. Market jitters stemmed from uncertainty over the Suez Canal’s reopening and ongoing macroeconomic conditions. Technical indicators and on-chain data are sending mixed signals about whether BTC can sustain its latest rebound. Since hitting a sub-$60,000 low on February 6, Bitcoin has rallied 30%—but faced selling pressure in the $78k-$80k supply zone, stalling its advance. That range also aligns with the 20-week Exponential Moving Average (EMA), underscoring its importance as a key resistance level. Michael van de Poppe, founder of MN Capital, noted the current pullback is “typical behavior” ahead of the FOMC meeting. “I still think we’re in a strong market trend,” he added. On the downside, Bitcoin tested support at $75,500— a level that lines up with the 20-day EMA, 100-day EMA, and the lower edge of an ascending channel. Glassnode’s Unspent Transaction Output Realized Price Distribution (URPD) data shows an immediate key resistance around $78k, where 335,650 BTC is held by investors. Roughly 298,560 BTC has an average purchase price of $75,500, forming a critical support level. On-chain, Glassnode data shows Bitcoin’s market is a mix of “bullish momentum and cautious sentiment.” Spot Cumulative Volume Delta (CVD) has jumped from $18.3 million to $54.8 million in the past week— a nearly 200% gain, reflecting strong bullishness among participants. However, spot trading volume has dropped 13.8% to $5.99 billion from $6.95 billion a week ago, signaling reduced market activity. Daily active addresses are also down 1.6%, pointing to lower network participation.