Analysis: BTC is approaching the key $80,000 level, supported by institutional funds and whale buying, but whether it can break through further remains to be seen.

Bitcoin is approaching the $80,000 mark again, and market analysts believe this level has become a key resistance level to test the strength of this rebound. On the funding front, continued institutional inflows are providing support. Data shows that Bitcoin spot ETFs have seen net inflows for six consecutive days, and Ethereum spot ETFs have also recorded nine consecutive days of increases, indicating a recovery in risk appetite. Meanwhile, whale addresses holding over 1,000 BTC have accumulated approximately 270,000 BTC in the past 30 days, marking the largest monthly increase since 2013, and exchange reserves have fallen to a seven-year low. On the on-chain data front, Glassnode points out that Bitcoin has regained its "real market average price" (approximately $78,100), but short-term holders' costs are around $80,100, forming a direct resistance zone. Once the price reaches this range, over 54% of short-term investors will be in a profitable position, historically often corresponding to a peak in the rebound phase. Meanwhile, perpetual contract funding rates remain negative, indicating heavy short positions. With continued improvement in spot demand, this could provide upward pressure for short covering. Overall, although funding structures and market resilience have improved, $80,000 remains a key level, and the market has yet to confirm whether it can transform from resistance to support. (The Block)