Bitcoin ($BTC) traded near $81,025 on May 5 after rising 1.56% in the latest session.

The asset also recorded an intraday high near $81,204, while trading volume stayed elevated as buyers returned above the $80,000 zone.

The move followed a sharp market reaction to Middle East headlines and renewed demand through U.S. spot Bitcoin ETFs. Bitcoin’s rebound placed the market back near a key technical area watched by traders after several weeks of recovery.

Analyst watches $83,000 resistance

Well-known crypto analyst Ali Martinez asked, “Is Bitcoin heading to $100,000?” He said Bitcoin has shown structural strength since a bullish MACD crossover appeared on the weekly chart on April 13. Since then, $BTChas gained about 15%.

Ali Martinez said similar weekly MACD crossovers preceded earlier multi-month moves. He cited a 147% rally after Oct. 23, 2023, a 75% rally after Oct. 14, 2024, and a 35% rally after May 5, 2025.

On the daily chart, Ali placed the 200-day simple moving average near $83,000. He described that area as the main psychological and structural barrier. A daily close above it could open a path toward $89,000, with $94,000 as the next target.

ETF inflows support Bitcoin demand

Spot Bitcoin ETFs added fresh support to the rally. SoSoValue data showed U.S. spot Bitcoin ETFs drew $532 million in net inflows on May 4, after $630 million on May 1. The two sessions brought about $1.16 billion into the products.

ETF demand also suggests that many buyers are entering Bitcoin through regulated market products rather than direct on-chain transfers. Bitcoin’s market dominance also rose above 60%, showing that capital continued to favor $BTCover many altcoins during the move.

Ali Charts also reported that whales bought 4,527 $BTCin 24 hours, worth about $362 million. That activity points to large-holder demand even as broader network use remains weak.

Network activity sends mixed signal

Santiment data showed Bitcoin’s on-chain activity dropped to two-year lows while $BTCmoved back above $80,000. About 531,000 Bitcoin wallets made daily transfers, while roughly 203,000 new wallets were created each day.

That creates a mixed setup for the market. Price has risen while fewer users are active on-chain, meaning the rally may depend more on whales, ETFs and derivatives activity than broad retail participation.

Short liquidations also helped the move. Market data cited by traders showed about $270 million in short positions were cleared as $BTCmoved higher. Better miner returns also reduced near-term selling pressure, with daily mining revenue per petahash rising to its highest level since late January.

Finally, Macro conditions also shifted after the U.S. launched Project Freedom to guide ships through the Strait of Hormuz. Reuters reported that the operation followed weeks of tension around the shipping route, which remains central to global oil flows.

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