Bitcoin ETFs hit 9-day positive streak, but fail to push price past psychological level of $80,000

Bitcoin once again flirted with the $80,000 level but failed to break through, despite bitcoin ETFs continuing their winning streak, registering $823.7 million in inflows last week, according to SoSoValue.

The asset reached $79,400, its highest level since January 31, but then dipped to the $77,500 level Monday morning.

It was the ninth straight positive day and fourth consecutive week in the green for bitcoin ETFs. So far in April, the funds have registered $2.44 billion in inflows, their best month since October. Yet, while institutional participation has been supporting bitcoin’s price as it has been navigating geopolitical and macro risks for over two months, whether this can help it cross $80,000 remains to be seen.

Timothy Misir, head of research at Blockhead Research Network, said that as ETF flows remain the dominant force in the market, the opportunity lies in recognizing the structural shift: retail cycles are no longer the main driver.

“The risk lies in the imbalance: a reversal in ETF flows would weaken support, while a macro shock could trigger rapid de-risking,” Misir said.

Nic Puckrin, CEO of Coin Bureau, told Sherwood News that bitcoin is struggling to break through the psychological barrier of $80,000 as it faces strong resistance, with key on-chain levels, including the true market mean and the average ETF cost basis, sitting right above this price.

“Whether it wins this battle will determine if it can push on toward $90,000 or reverses lower, paving the way for a final complete capitulation that will fully reset the market. Right now, bitcoin is stuck in a tug-of-war,” Puckrin said, adding that Monday morning’s flash crash wiped out over $68 million in long positions in just one hour.

Puckrin said that while April has been a good month so far for bitcoin, with higher highs and higher lows, this latest rally most likely marks the calm before the storm.

He expects to see a drop to the bear market range between $55,700 and $58,200 in the coming months, driven by a broader corporate sell-off by miners and digital asset treasuries.

“Without this final flushout, it’s hard to see a clear path to a fresh bitcoin bull phase,” Puckrin said.

Near-term, however, the macro narrative continues to shape bitcoin’s trajectory, and with negotiations with Iran stalling, short-term volatility will likely persist.

Pratik Kala, portfolio manager and head of research at Apollo Crypto, told Sherwood the picture remains supportive for bitcoin, “and I think we can cross 80K this week.”

The next targets Kala is eyeing are $82,000, then $88,000, with a view to reach $96,000 as a major resistance point.

“Timeframe is uncertain as anything is possible with how the war progresses, but the overall picture for BTC remains supportive,” Kala said.