Bitcoin struggles near $80K as demand fades – Warning for BTC bulls?

Bitcoin [BTC] rallied to $79.2k late on the 2nd of Might, however at press time BTC was rejected from a key native resistance zone. Notably, Glassnode reported that defensive positioning was rising as the worth approached the $80k psychological resistance.

In a submit on X, the crypto intelligence platform highlighted that takers had been promoting calls and shopping for draw back safety. The submit additionally used the BTC choices knowledge to focus on how the $82k stage may arrange a brief squeeze.

Implied volatility trended decrease throughout April, whereas upside was being offered, not chased. One other quick squeeze may very well be simply across the nook.

Bitcoin restoration lacks regular demand

Utilizing the 30-day sum of the Bitcoin Obvious Demand metric, crypto analyst Darkfost noticed that it was too early to conclude that Bitcoin had shifted right into a bullish regime.

The metric is calculated because the distinction between new BTC issuance and the quantity of coin provide that has been dormant for over a 12 months. It tracks the structural accumulation or distribution developments over the upper timeframes.

The chart confirmed the 30-day sum was nonetheless at -44,700 BTC. Although it was an enchancment from -89,000 in early April, the unfavorable figures meant obvious demand was nonetheless weak.

For many of 2026, this metric has been unfavorable, exhibiting indecisive demand developments.

Since mid-February, the 7-day Transferring Common of the Bitcoin netflows to exchanges has been unfavorable, aside from a short spike in late March. Over the previous week, the 7DMA of the metric climbed into optimistic territory with extra certainty.

Trade inflows usually point out elevated promoting stress, aligning effectively with the concept holders had been turning extra defensive as BTC pushed towards $80k.

The long-term BTC wager

Joao Wedson, founder and CEO of Alphractal, outlined decisive worth markers in a submit on X.

He suggested betting in opposition to BTC at its present retest of the short-term holder realized worth, whereas trying to purchase on the retest of the long-term holder realized worth. It actually may be so simple as promoting Bitcoin now and shopping for within the $50k-$55k area.

Last Abstract

• The choices knowledge confirmed defensive positioning. Upside was being offered, not chased.
• The long-term on-chain worth dynamics confirmed that BTC may fall towards $50k later this 12 months, which might be attention-grabbing to long-term holders.