Multiple data points indicate the market has shifted back to bullish, and Bitcoin could rise to $80k.

BlockBeats News, May 2: Multiple data points indicate $80,000 is the next target for Bitcoin. After Bitcoin held support above the 100-day exponential moving average (100-EMA), it rose 2.52% on Friday. At the same time, spot market buying improved; the cumulative volume delta (CVD) reached 11,500 BTC, the highest level since February 17. BTC futures activity is also heating up: open interest rose 6.64% to 257,000 BTC, indicating new positions are being established. After Bitcoin backtested the daily trend over the past two days, it rebounded from the 100-day EMA. This pushed the price up 2.52% to $78,800 on Friday, keeping the short-term upward trend intact. The 100-day EMA, which currently acts as dynamic support on the daily chart, suggests that higher time frame charts remain bullish.

Spot demand is strengthening as well. The spot CVD tracking net buys versus net sells reached 11,500 BTC, a new high since February 17, indicating that buyers have absorbed supply during recent pullbacks. Derivatives positioning and price are expanding in sync, showing new participants entering the market. Over the past 24 hours, total open interest rose 6.64% to 257,000 BTC, suggesting that new positions are being built while Bitcoin is consolidating below $80,000. This happened after a recent leverage liquidation of about 9,000 BTC, suggesting that excess positions were cleared as the leveraged market was rebuilt.

Futures trading volume has recovered to 98,300 BTC, signaling a return of net buying pressure. However, it still remains below the levels seen during the April 27 pullback. Meanwhile, liquidity continues to cluster in the $78,000 to $80,000 range; about $2.1 billion in short positions face risk, which could trigger a short squeeze near this key level. Institutional activity is also relatively supportive. The 30-day change in OTC balances has fallen to about -20,700 BTC, roughly comparable to the level in March 2025. The decline in balances indicates that BTC is flowing out of OTC desks, reducing immediately available supply. ETF fund flows show a similar pattern: ETF inflows in April reached $1.97 billion.