Coinbase has released a new market analysis identifying the $80,000 level as a critical threshold for Bitcoin, noting that the current rally is underpinned by real demand rather than excessive leverage. The report emphasizes that inflows into spot Bitcoin ETFs are approaching their highest levels of the year, signaling a resurgence in institutional investor demand. This suggests that the upward movement is built on solid fundamentals, with long-term investors accumulating Bitcoin and concentrating supply in 'strong hands.'
Coinbase also notes that the recent price surge was triggered by a short squeeze, which historically has initiated broader bull trends. However, the firm stresses that sustained increases require support from spot market demand, not just leveraged trading. The $80,000 level represents the average cost basis for short-term investors. A decisive reclaim of this level could confirm a stronger trend, while a rejection might perpetuate market weakness.
Meanwhile, spot Bitcoin ETFs in the U.S. continue to see strong inflows. According to Farside Investors, on April 23, combined net inflows reached $223.3 million, extending an eight-day winning streak. BlackRock's IBIT led with $167.5 million, followed by ARK Invest's ARKB with $71.2 million. These inflows offset minor outflows from FBTC ($16.9 million) and BITB ($7.6 million). Earlier in the week, Wednesday saw $335 million in inflows, and Monday brought $238 million.
From a technical perspective, Bitcoin has recovered from a sharp correction that saw it drop from above $100,000 to nearly $60,000 in two months. Analyst Michaël van de Poppe notes that Bitcoin is now retesting the $79,000–$80,000 resistance zone, which holds significant liquidity. He sees room for the rally to continue toward $86,000, while emphasizing that support between $73,000 and $75,000 remains crucial. A break below $75,000 could alter the bullish outlook.
The combination of strong ETF inflows, institutional buying from companies like MicroStrategy and Metaplanet, and a recovering macroeconomic environment suggests that Bitcoin's upward momentum may be more sustainable than in previous rallies.
