CoinDesk
Bitcoin is trading just above $80,000 after recovering from Friday's jobs-driven dip, but the rebound still looks more like a market testing resistance than a decisive move higher. Enflux told CoinDesk that ETF demand and low exchange reserves are building a structural floor for BTC, while Glassnode's latest weekly report shows buyers becoming more aggressive in both spot and perpetual markets. The problem is the improvement isn't clean: momentum has eased, leverage has risen, and funding is showing more short-side demand.
Why it matters
Glassnode's data captures the split. Spot cumulative volume delta — which tracks whether traders are paying up at market or selling into bids — climbed 46.4% from $42.4M to $62.0M, a real signal that buyers are willing to chase rather than wait for cheaper entry. Perpetual CVD jumped from $110.0M to $410.3M, meaning leveraged traders are also leaning bullish, though that signal is less durable because futures positions can unwind fast if sentiment shifts. The hedging is visible in funding: rising short-side demand suggests traders are still bracing for downside even as price grinds higher.
Market impact
BTC is up 13.4% over the past 30 days and holding above $81,000, but Friday's reaction to a stronger-than-expected jobs print showed how raw the nerves are. A headline beat should have cleared $80,700 cleanly; instead spot pulled back first, and BTC fell from about $82,000 to $79,743 before recovering over the weekend. Enflux called $80,700 "real overhead, not just a chart marker." The unusual read-through: Morgan Stanley's Q1 secondary watch data showed prices up 1.9% across 25 of 35 tracked brands, suggesting affluent buyers are re-engaging with scarce risk assets after a long correction — yet bitcoin hasn't become the cleanest expression of that returning confidence. The next leg likely depends less on crypto-native enthusiasm than on whether upcoming inflation data gives traders enough cover to stop hedging the rally and start chasing it.
Frequently asked questions
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Why is Bitcoin struggling to break above $80,000?
Enflux told CoinDesk that $80,700 is acting as real overhead resistance, not just a chart level. Friday's strong jobs print — which reduces the odds of Fed rate cuts — knocked BTC from about $82,000 to $79,743 before it recovered, showing how thin buyer conviction is at current prices.
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What does the CVD data say about Bitcoin buyer behavior?
Glassnode's spot cumulative volume delta rose 46.4% from $42.4M to $62.0M, meaning buyers are paying up at market rather than waiting for cheaper entry. Perpetual CVD jumped from $110.0M to $410.3M, showing leveraged traders are also leaning bullish — though futures positioning can unwind quickly if sentiment shifts.
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Are traders betting on more Bitcoin upside or hedging?
Both. Glassnode's aggressive spot and futures buying points to genuine bullish lean, but rising leverage and increasing short-side funding demand suggest many traders are still hedging the rally rather than fully embracing it. That tension is what makes the next move dependent on macro data, not crypto-native flows.
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How do ETF flows and exchange reserves support Bitcoin's price?
Enflux noted that sustained ETF demand and low exchange reserves are building a structural floor for BTC. With fewer coins sitting on exchanges available to sell, even modest ETF inflows tighten available supply — a tailwind for price but not enough on its own to force a breakout above resistance.
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Why are luxury watches being compared to Bitcoin right now?
Morgan Stanley's Q1 data showed secondary watch prices up 1.9% across 25 of 35 tracked brands, suggesting affluent buyers are re-engaging with scarce risk assets after a long correction. Enflux argues that if high-end risk appetite is thawing, bitcoin's struggle to clear key resistance means it hasn't yet become the…
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