#Gate广场五月交易分享 Bitcoin bullish sudden return! Spot buying surge by 199%, close to the $80,000 mark?

Bitcoin continues its upward trend since yesterday, continuing to rise. As the US market opens and risk appetite improves, the world's largest cryptocurrency has increased nearly 3% in the past 24 hours. Bitcoin's latest price is $78,360, again approaching the $80,000 threshold.
Earlier this week, Bitcoin approached this level but failed to break through, then retreated; however, after buying interest re-entered, the price strengthened again.
This round of gains occurred in sync with the US stock market. The US stock market opened higher on Friday, risk asset sentiment improved, providing additional support for Bitcoin.
Data shows that Bitcoin spot CVD (Cumulative Volume Delta) surged by 199.1% over the past week, rising from $18.3 million to $54.8 million, indicating aggressive buying in the spot market.
Meanwhile, perpetual contract CVD also increased by 174.7%, reaching $315.1 million, suggesting that both spot and derivatives markets are experiencing buy pressure in the same direction. This means that this rally is not solely driven by futures leverage but is supported by spot buying, making the market structure more stable than before. ETF funds reflow provides an absorption layer. ETF capital inflows have accelerated again after weeks of stagnation, offering an important absorption layer for Bitcoin and helping it stay above $78,000.
BlackRock's spot Bitcoin ETF—IBIT—rose 1.33% in yesterday's trading. Previously, institutional crypto demand experienced three consecutive days of net outflows, but the latest trend shows that capital demand is re-strengthening. This capital reflow occurred after ETF outflows once suppressed spot liquidity, thus being seen by the market as a sign of institutional demand warming.
Meanwhile, open interest in Bitcoin contracts has recovered to $25 billion. This indicates that leveraged funds are re-entering the market. However, unlike the short-term surge mainly driven by futures in January, the current trend is more "spot-led, leverage follows." CVD structure shows that spot buying is becoming an important foundation for this rally.

$80,000 becomes a key breakout level. $75,000 is the bulls' defensive line. Currently, the market focus is on whether Bitcoin can truly break through $80,000. Many traders see this level as a critical breakout point. Once the price surpasses this level, it may attract more cautious buyers to enter. "We consider $80,000 to be a very important resistance level... we need a confident breakout. Once above this level, it could ignite some momentum, especially as recent investors will return to profitability," Fritz also said. If Bitcoin further rises above $85,000, the market may begin to see initial signs of reversal. From a technical perspective, Bitcoin is currently forming higher lows and regaining support around $77,000. The CVD curve remains above the moving average, which is an important confirmation of bullish confidence. Although RSI is at a relatively high level, it has not yet reached the extreme overbought zone, indicating room for further upside. If $75,000 can hold at the weekly close, Bitcoin is likely to open the way to $80,000; further, on-chain resistance zones point near $82,000. If $75,000 fails to hold, the real support below may be close to $72,000.
Oil prices retreat and US stocks strengthen, improving risk sentiment.
The macro environment is also supporting Bitcoin.
On Friday, US stocks opened higher, risk appetite improved. Meanwhile, oil prices declined slightly after reports of Iran submitting new negotiation proposals to the US.
Brent crude futures for July delivery fell 3% to a low of $106.66 per barrel. However, supply concerns have not disappeared.

Iran continues to blockade the Strait of Hormuz, a key shipping route, while the US Navy continues to prevent Iranian oil exports. This results in a relatively mild oil price response.
Traders are weighing the possibility of a deal being reached, but cannot ignore current practical constraints.
More broadly, the macro environment is turning favorable.
Driven by strong earnings reports from Alphabet and Caterpillar, Wall Street maintained positive momentum at the end of April, and Bitcoin also followed the Nasdaq's risk appetite rebound.
Traditional fund managers increasingly see Bitcoin as an alternative to high-volatility tech stocks, further strengthening Bitcoin's correlation with US stocks in a trending macro environment.
If US stocks can continue their rebound before the next FOMC decision, Bitcoin's macro tailwinds will persist and further amplify spot demand signals.