Bitcoin (BTC) has run into resistance at $80,000 U.S. and appears unable to break above that level despite several attempts in recent days.
Early on April 27, BTC is trading at $77,675.00 U.S., having fallen back after taking a run at $80,000 U.S. over the weekend. Crypto trades 24 hours a day, seven days a week.
However, analysts say it is likely only a matter of time, before Bitcoin breaks through that $80,000 U.S. resistance level given renewed momentum for the largest cryptocurrency.
Currently, Bitcoin is benefitting from stablecoin liquidity, exchange-traded fund (ETF) demand, and risk-on sentiment among investors.
The gathering momentum has enabled Bitcoin to rise nearly 20% since the end of March, when it was trading near $65,000 U.S.
The near-term outlook for Bitcoin appears positive, with on-chain and ETF data buoying the price action.
Crypto exchange Binance has recorded a net inflow of roughly $3.4 billion U.S. in stablecoins so far in April, according to CryptoQuant data.
Additionally, institutional demand for Bitcoin and other cryptocurrencies is strong, with U.S.-listed spot Bitcoin ETFs pulling in $2.44 billion U.S. of fresh capital this month.
Bitcoin and other crypto such as Ethereum (ETH) are also rising alongside stock prices as markets bet that the worst is over for the war in Iran.
