Bitcoin bulls set sights on $90,000 this week after briefly reclaiming $80,000

A notable development has hit the crypto markets. Bitcoin briefly reclaimed the $80,000 psychological level during early Asian trading hours on May 4, the first time since February, amid its quiet upward march in recent weeks. Data from showed that the top crypto touched an intraday high of $80,529 before slipping back toward $79,621 as of press time. However, what looks like a triumphant milestone on a price chart is masking a deeply conflicted market structure under the hood.

This is because the premier cryptocurrency’s return to this threshold is less a clean bullish breakout than a high-stakes test. Still, market analysts noted that BTC traders are currently trying to determine whether recovering institutional spot demand can overpower a still-hostile macroeconomic setting marked by Middle East tensions, hawkish Federal Reserve handover, and a derivatives market that remains heavily skeptical beneath. Related Reading Bitcoin’s next breakout will depend on whether investors treat $80K as relief, resistance, or the start of a new recovery BTC is testing the exact zone where short-term holders typically either capitulate or hold firm.

Market Dynamics

May 2, 2026 Andjela Radmilac An aggressive, yet vulnerable breakout attempt Bitcoin’s initial thrust through $80,000 was characterized by sheer force rather than organic accumulation. Data from CryptoQuant shows that the move was concentrated on major offshore platforms, notably Binance , where taker-buy volume, a metric indicating traders crossing the spread to execute immediately at market prices, spiked. Bitcoin Taker Volume on Binance (Source: CryptoQuant) According to CryptoQuant, BTC saw two consecutive surges of roughly $1.

19 billion and $792 million on the exchange, resulting in $1. 98 billion of taker-buy volume within a two-hour window. When this level of aggressive buying materializes at a major resistance zone, it typically indicates that momentum traders are not waiting for a conservative pullback.

Instead, they are actively chasing the confirmation of a breakout. However, market structure analysts warn that this type of volume creates immediate fragility. CryptoQuant analyst JA Maartunn noted that the asset is now facing its real test, emphasizing that the price should not linger in this zone for long if the rally is genuine.

Market Impact

According to Maartunn, Bitcoin needs to hold above $79,000 on a closing basis to maintain structural strength. If it loses that level, he argues, the weekend surge was likely just a liquidity grab to clear out late short sellers. Derivatives push the move, but expose a structural divergence The derivatives landscape further complicates the narrative, revealing a market wrestling with a profound divergence between spot psychology and leveraged positioning.

While call options targeting upside strikes are heavily populated—with data from Deribit showing $1. 7 billion in notional value locked into the $80,000 call option, alongside massive clusters at $90,000 and $100,000—the underlying sentiment metrics paint a picture of growing unease. Rather than a wave of bearish short-selling, the market is experiencing a sharp cooling of spot conviction while leverage remains stubbornly long.

According to data from analytics firm Alphractal, Bitcoin's sentiment flipped dramatically in less than a week, with the Fear & Greed index dropping 10 points to a “Fear” level of 43. Bitcoin Holder Sentiment (Source: Alphractal) Yet, despite this spot-driven fear, futures traders refuse to back down. Alphractal data show that perpetual futures funding rates have remained decidedly positive, currently at +0.

Crypto markets are watching this development closely as investors weigh its potential impact on prices.