Bitcoin Spot ETF Sees 4 Consecutive Weeks of Inflows, Will it Break Through Middle East Risks and Exceed $80,000?

▲ Bitcoin (BTC) ©Godasol

Bitcoin (BTC), the leading cryptocurrency that had been on a rally for four consecutive weeks, has hit a snag due to geopolitical risks in the Middle East despite massive inflows into Bitcoin spot ETFs, entering a consolidation phase just shy of the $80,000 mark.

According to investment media FXStreet on April 27 (local time), Bitcoin rose over 6% last week, marking its fourth consecutive weekly gain since late March, but slightly fell to the $77,700 level on Monday. Institutional investor demand remains robust, with US Bitcoin spot ETFs seeing a net inflow of $823.7 million last week, according to SoSoValue data, showing positive fund flows for four consecutive weeks.

Despite such strong institutional buying, the main reason for the stalled ascent is the heightened tension between the US and Iran over the Strait of Hormuz. Iran proposed an extension of the ceasefire through a Pakistani mediator, but US President Donald Trump canceled the dispatch of a special envoy, stating Iran's offer was insufficient, and the Iranian President also countered that there would be no negotiations under threat, intensifying the market's short-term risk aversion.

From a technical perspective, Bitcoin closed its weekly candle above the 61.8% Fibonacci retracement level of $78,490 last week, fueling bullish expectations, but its rise is currently capped near the $80,000 resistance level. The Relative Strength Index (RSI) on the weekly chart is near a neutral level of 46, suggesting weakening downward momentum, and the Moving Average Convergence Divergence (MACD) also shows a positive histogram with a bullish crossover.

On the daily chart, Bitcoin has settled above the 50-day Exponential Moving Average (EMA) of $73,363 and the 100-day EMA of $75,619, turning them into solid dynamic support levels. The daily RSI is around 61, and the MACD is in positive territory, indicating that momentum is alive, but the upward acceleration has slowed somewhat from recent highs.

If Bitcoin resumes its uptrend, it could target the $83,437 and $84,410 barriers after breaking past the $78,962 and psychological $80,000 resistance levels. Conversely, if downward pressure intensifies, $75,680 and the 100-day EMA of $75,619 will serve as the primary defenses. Should even these support levels collapse, there is a risk of a fall to $73,363, and in the worst-case scenario, to the channel bottom of $63,033 and the $60,000 base line.

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