#Gate广场五月交易分享 Bitcoin long positions suddenly return! Spot buying volume surges by 199%, nearing the $80,000 mark?

Bitcoin continues its upward trend since yesterday, continuing to rise. As risk appetite improves after the US market opens, the world's largest cryptocurrency has increased by nearly 3% in the past 24 hours, with the latest price at $78,360, once again approaching the $80,000 level.
Earlier this week, Bitcoin approached this level but failed to break through, then retreated; however, after renewed buying interest, 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 warmed, 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 consistent buying pressure. This means that this rally is not solely driven by futures leverage but is supported by spot buying interest, making the market structure more stable than before. ETF funds flow back in, providing an absorption layer
ETF inflows have also accelerated 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 by 1.33% in yesterday’s trading. Previously, institutional crypto demand experienced three consecutive days of net outflows, but the latest trend shows that demand for funds is re-strengthening. This capital reflow occurred after ETF outflows temporarily suppressed spot liquidity, thus being seen by the market as a sign of institutional demand recovery.
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 rally mainly driven by futures in January, the current trend is more “spot-led, leverage following.” 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 it surpasses 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 start 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 that there is still room for further upside. If $75,000 can hold at the weekly close, Bitcoin is expected to open the path 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 moderate 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.
Supported by strong earnings from Alphabet and Caterpillar, Wall Street’s momentum remained positive in the closing phase of April, with Bitcoin also following 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 continue to rebound before the next FOMC decision, Bitcoin’s macro tailwinds will persist and further amplify spot demand signals.