Bitcoin’s floor looks firmer at $80,000, but traders still don’t trust the breakout
BTC has recovered from Friday’s jobs-driven dip, but Enflux says overhead resistance remains intact while Glassnode’s market structure data suggests traders are buying the rally while still positioning for downside.
What to know:
- Bitcoin is trading just above $80,000 with a stronger structural floor from ETF demand and low exchange reserves, but its rebound still looks more like a test of resistance than a decisive breakout.
- Trading data from Glassnode show buyers growing more aggressive in both spot and futures markets, yet rising leverage and increased short-side funding suggest many traders are still hedging rather than fully embracing the rally.
- The recovery in other high-end risk assets, such as luxury watches, contrasts with bitcoin’s inability to clear key resistance levels, leaving its next move heavily dependent on upcoming inflation data and broader macro sentiment.
Beneath bitcoin’s rebound, buyers are becoming more active, and structural support from ETFs remains intact, but much of the recent activity is also being amplified by leveraged futures traders rather than purely spot demand. That makes the recovery more vulnerable to a macro disappointment, particularly with inflation data looming.
Singapore-based market maker Enflux said in a note to CoinDesk that ETF demand and low exchange reserves are helping to build a structural floor for BTC, while Glassnode’s market indicators in its most recent weekly report show buyers becoming more aggressive in both the spot and perpetual markets.
The problem is that the improvement is not clean. Momentum has eased, leverage has risen, and funding is showing more short-side demand, suggesting traders are still hedging against the rally rather than fully embracing it.
