Bitcoin Spot ETFs See 4 Consecutive Weeks of Inflows, Will They Break Through Middle East Risk and Surpass $80,000?

▲ Bitcoin (BTC) ©Dasol Go

Bitcoin (BTC), the leading cryptocurrency that had been rallying for four consecutive weeks, has paused its climb just shy of the $80,000 mark, hampered by geopolitical risks in the Middle East despite massive inflows into Bitcoin spot ETFs.

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

Despite such strong institutional buying, the main reason for the stalled ascent is the 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 proposal 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, raising bullish expectations, but its upward movement is currently blocked near the $80,000 resistance level. The Relative Strength Index (RSI) on the weekly chart is close to a neutral level at 46, suggesting a fading 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 strong dynamic support levels. The daily RSI hovers around 61, and the MACD is in positive territory, indicating that momentum is alive, but the upward acceleration has somewhat slowed down from recent highs.

If Bitcoin resumes its upward trend, it could aim for the next barriers at $83,437 and $84,410, breaking past the psychological resistance levels of $78,962 and $80,000. Conversely, if downward pressure intensifies, $75,680 and the 100-day EMA of $75,619 would serve as primary defense lines. If even these support levels collapse, there's a risk of a further decline to $73,363, and in the worst-case scenario, to the channel bottom of $63,033 and the $60,000 baseline.

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