Trader and analyst Michaël van de Poppe cited May 2's $630 million in net inflows to US spot Bitcoin exchange-traded funds (ETFs) as a sign of sustained demand.
Bitcoin News
Bitcoin (BTC) has approached $79,000 heading into May 4's weekly close, putting the strongest weekly candle close in more than three months within reach. BTC recovered losses sustained earlier in the week. Finishing the week above $78,670 would mark the pair's highest weekly close since late January.
Risk assets gained on May 2 after reports suggested a US-Iran peace agreement could be within reach. US President Donald Trump tempered those expectations on May 3, writing on Truth Social that he "can't imagine that it would be acceptable." Crypto markets have tracked geopolitical developments closely in recent weeks.
Trader and analyst Michaël van de Poppe cited May 2's $630 million in net inflows to US spot Bitcoin exchange-traded funds (ETFs) as a sign of sustained demand. "Strong consolidation on BTC, and Friday gave us a slight insight in what's likely to come," he wrote on X. He identified the $79,000 level as the key zone to break, with $86,000–$88,000 as the first resistance above it and $92,000–$94,000 as the more critical range.
Traders Flag Liquidity Risks Near Current Highs
Trader Crypto Tony flagged the formation of downside liquidity pools and warned of the risk that prices move up to collect high-side liquidity before reversing. Trading account JDK Analysis described the current setup as "typically bearish." They noted that fresh long positions were opening into the highs while price continued to show signs of absorption.
JDK Analysis said BTC was unable to push meaningfully higher despite increasingly aggressive market buying. It argued that dynamic points to a potential reversal rather than a continuation. BTC liquidation heatmap data from CoinGlass, cited by Crypto Tony, showed a concentration of positions that traders said could be targeted before any directional move.
The competing outlooks reflect broader uncertainty tied to the geopolitical backdrop. A resolution to US-Iran tensions has been a recurring driver of risk-on behavior in crypto markets in recent weeks. Whether diplomatic signals shift sentiment further will likely influence BTC's trajectory in the coming week.
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