Bitcoin is trading above $79,000 after U.S. spot ETFs brought in $730.9 million in a single day last week, their second-largest daily inflow of the year after the $843.6 million they raked in on Jan. 14.
Crypto analytics platform CryptoRus, in its latest market letter, presented this week as a test to determine whether this institutional buying can push BTC through the closely watched $82,000 resistance level, which it calls a bullish test rather than a completed breakout.
Three signals behind the escape test
CryptoRus sharp three signals that are worth following. The first is the sentiment of the ETF itself: Bitcoin was holding near $80,000 even after a stronger-than-expected U.S. jobs report briefly pressured the market, and the letter indicates resilience as institutional buyers soak up supply before resistance breaks, although similar spikes have appeared near past market highs.
The second is a leverage reset, with $554.2 million in crypto positions liquidated over 24 hours, with $471.4 million being shorts and $276.7 million coming from BTC alone.
“This is real demand. It is not yet a complete breakout,” the letter said, adding that forced short-selling coverage can accelerate a rally without ensuring that organic demand will continue once the squeeze ends.
The third signal is Zcash, which has risen from around $40 to over $1,200 over the past year and climbed into the top ten cryptocurrencies, a sign that speculative capital is focusing around a scarcity narrative, with the risk of continuing a parabolic move.
“This strength matters beyond ZEC,” the note said. “This shows that speculative capital is willing to focus aggressively when a narrative combines scarcity, renewed relevance and crowded positioning. »
A breakout has yet to be confirmed
Bitcoin itself was little changed in 24 hours, up about 2% for the week and about 23% for the month, although it remains down almost 28% over the past year and about 37% below the high of $126,000 set last October. Daily trading volume stands at nearly $22 billion, up about 13% from the previous session.
The report therefore places $79,000 and $82,000 at the center of the current configuration. A four-hour close above $82,000 followed by a successful retest would provide stronger confirmation. Meanwhile, losing $79,000 would weaken the immediate bullish scenario and put the focus back on the liquidity zone around $78,000.
As it stands, demand for ETFs is strong, but $82,000 has yet to be released.
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