Several Bitcoin (BTC) data points suggest that $80,000 is where the cryptocurrency goes next. Bitcoin gained 2.52% to trade above $78,800 on Friday after holding support at the 100-day exponential moving average. Buying volumes in the spot market also strengthened while the cumulative volume delta (CVD) reached 11,500 BTC, its highest level since February 17.
BTC futures activity is picking up, with open interest up 6.64% to 257,000 BTC, indicating new positioning.
Bitcoin Daily Trend Resumption Shows New Positioning
Bitcoin has rebounded from its 100-day exponential moving average (100-EMA) after retesting the daily trend over the past two days. The move sent the price up 2.52% to $78,800 on Friday, keeping the short-term uptrend intact.
The 100-day EMA, which currently serves as dynamic support on the daily chart, suggests that the higher time frame chart remains bullish.
BTC/USDT on the daily chart. Source: Cointelegraph/TradingView
Spot demand is strengthening at the same time. The cumulative spot volume delta (CVD), which tracks net purchases versus sales, reached 11,500 BTC, a new high since February 17. This indicates that buyers are absorbing supply during the recent decline.
The positioning of derivative products evolves in parallel with prices, which suggests new participations. Aggregated open interest increased by 6.64% to 257,000 BTC over the past 24 hours, indicating that new positions are being added as Bitcoin consolidates below $80,000.
BTC, CVD spot and futures prices. Source: Bike
This follows a recent leverage surge of around 9,000 BTC, suggesting that excess positioning has been eliminated as the leveraged market rebuilds.
The forward CVD adds additional context. Futures volume returned to 98,300 BTC, signaling a return of net buying pressure. However, it remains below the levels seen during the April 27 correction, suggesting that traders’ positioning is still developing.
At the same time, liquidity continues to cluster in the $78,000-$80,000 range, with $2.1 billion in short positions at risk, which could lead to a squeeze near the key level.
Bitcoin liquidation heatmap. Source: CoinGlass
Related: Bitcoin ETFs Pull $2 Billion in April for Highest Monthly Inflows This Year
Demand for BTC from institutions tightens available supply
BTC institutional activity continues to be favorable. The 30-day change in OTC window balances fell to around -20,700 BTC, matching levels last seen in March 2025. The lower balances indicate BTC leaves the offices, reducing the immediately available supply.
Bitcoin: OTC desk total balance. Source: CryptoQuant
Exchange-traded fund (ETF) flows show a similar trend. With ETF flows reaching $1.97 billion in April. Bitcoin Ecoinometrics Research Bulletin note a nine-day influx sequence, the longest in 2026.
Ecoinometrics explained that although the pace of entries is moderate, consistency has improved, adding:
“The last time flows showed this type of persistence was just before the October 2025 peak. I’m not saying we’re there yet, but it tells you the direction is improving.”
The near-term focus is on how long flows sustain and whether liquidity above $80,000 declines as spot, futures, and institutional participation increases.
ETF inflow streak is improving for Bitcoin. Source: Ecoinometrics/X
Related: Bitcoin’s $75,000 Cost Base Emerges as Key Support Zone for Current Uptrend
