$BTC (+0,68%) has recaptured the USD 80,000 mark. This is important from a chart perspective, as the market has failed to reach this level several times since the end of January.
However, the rise does not look like a broad retail euphoria. The movement is being driven primarily by institutional inflows: spot Bitcoin ETFs collected around USD 2.9 billion in April, with a further USD 2 billion added in May.
The tailwind is coming from several directions: lower oil prices, somewhat less geopolitical risks, a weaker dollar, ETF demand and further purchases by large Bitcoin addresses. At the same time, caution remains appropriate. Inflation is stubborn, the US Federal Reserve has little room to cut interest rates, and regulatory progress is more likely to help Ethereum, stablecoins and DeFi than Bitcoin itself.
Conclusion: The medium-term outlook remains constructive. But this market continues to be heavily driven by liquidity, ETF flows and macro data - not a clean new crypto euphoria.
