Bitcoin has reclaimed the $80,000 level for the first time since January 31st, with whale accumulation playing a crucial role in the recovery. According to reports from AMBCrypto, large holders absorbed 4,527 BTC worth approximately $362 million within a 24-hour period, demonstrating strong conviction and removing supply from circulation rather than distributing. This accumulation created a tightening supply environment across exchanges, with available liquidity appearing constrained as large players positioned themselves ahead of broader market expansion. The buying came during weak market structure and heavy short positioning, drawing attention as a significant show of market confidence.
Bitcoin rebounded from the $65,000 demand zone and broke out of its descending channel before reaching the $80,000 level. As reported by AMBCrypto, the price approached the $78,839–$80K region, which aligns with a prior resistance zone formed after the breakdown. The formation of higher lows reinforced strengthening buyer control following the breakout, with the RSI climbing toward 67, reflecting expanding bullish pressure without entering overbought territory. However, Bitcoin remains below the Fibonacci retracement range drawn between $94,520 and $147,280, with the main resistance zone between $85,000 and $90,000 showing continued pressure after recent bounces failed in this area. The stronger resistance level remains near $94,500, a key swing area before the breakdown, while higher resistance levels sit at $105,810, $114,674, and $120,900.
Spot netflow data showed a $98.05 million inflow on May 5th, introducing fresh exchange supply even as the broader trend leaned toward outflows. According to AMBCrypto, this contrast revealed a short-term shift in positioning, where some holders moved coins to exchanges while others continued withdrawing. The market reflected a mixed but transitional structure, where supply entered exchanges temporarily while longer-term holders reduced exposure to selling venues, suggesting that underlying strength remained intact despite short-lived fluctuations in exchange balances. Performance data shows a mixed picture with Bitcoin gaining 1.28% over 24 hours and 1.59% over seven days, while showing a strong 19.38% monthly rebound, though longer timeframes remain weaker with the cryptocurrency down 21.33% over 180 days.
Bitcoin's NVT ratio declined by 35.54% to 22.2, indicating that the cryptocurrency's valuation adjusted relative to transaction activity. As reported by AMBCrypto, this drop suggested that price had become more aligned with actual network usage rather than speculative excess. Lower NVT levels often reflected healthier conditions where growth built on stronger fundamentals, reducing concerns around overvaluation and supporting a more sustainable recovery structure. However, the decline also indicated that the market had undergone a reset phase, which typically preceded stabilization rather than immediate expansion. Momentum readings remain mixed with the MACD still below the zero line showing broader momentum remains weak, though the histogram has improved from deeper negative levels.
Long/short positioning data reveals that many traders remain cautious with Binance BTC/USDT accounts showing a long/short ratio of 0.5373, while OKX BTC accounts showed a ratio of 0.64. Binance top trader accounts had a ratio of 0.5623, and top trader positions showed 0.7492, all readings below 1.0 indicating short exposure was higher than long exposure. This positioning may create a sensitive market setup where if Bitcoin rises above nearby resistance, short sellers may close positions, adding buying pressure in the short term. Support is now focused near the $78,000 to $80,000 range, with traders watching $74,000 to $75,000 and then $70,000 if this zone fails. For stronger confirmation, Bitcoin must reclaim $90,000 and $94,500 resistance levels.
