Bitcoin holds above $80K but traders are still hedging the rally, not chasing it

Bitcoin is trading above $81,000 after recovering from Friday's jobs-data dip, but market structure analysts say the rebound looks more like a resistance test than a decisive breakout. Enflux, a Singapore-based market maker, noted that ETF demand and low exchange reserves are building a structural floor — yet $80,700 remains real overhead: "A headline beat should have cleared $80,700 cleanly, but spot pulled back first," the firm wrote.

Glassnode's latest weekly data adds texture to the caution. Spot cumulative volume delta rose 46.4% to $62 million, showing buyers are willing to pay up rather than wait — but perpetual CVD jumped from $110 million to $410 million, meaning much of the bullish lean is leveraged futures rather than durable spot conviction. Rising leverage alongside increased short-side funding suggests traders are hedging the rally as much as they are participating in…