Bitcoin started the week trading below $80,000 in Hong Kong markets, facing significant resistance after repeated failed attempts to climb above this key level in recent days. According to Glassnode data, the $80,700 mark stands as a critical threshold for short-term investors. Market activity has shifted away from Asia, with European and US trading sessions now playing a more prominent role.
Quiet Asian sessions and growing competition
The combined assets managed by the three active spot Bitcoin ETFs in Hong Kong remained steady at $319.48 million, with daily trading volumes consistently below $2 million. Throughout April, these funds saw little to no net inflows on most trading days, reflecting a noticeable shift in investor interest toward riskier assets and tech stocks. Notably, Hong Kong’s IPO market witnessed a surge in activity during the first quarter of the year, with more than 400 new listing applications crowding the local exchange.
Analysts suggest that this energetic IPO market has diverted some investors’ attention from cryptocurrencies to growth-oriented equities. The relative quiet in Asian markets continues to exert downward pressure on Bitcoin’s overall liquidity.
Greater reliance on Europe and US sessions
Market maker Enflux communicated to investors that, due to subdued Asian activity, the ability of Bitcoin to maintain sustained levels above $80,000 will now largely depend on activity during European and US trading hours. Enflux emphasized that without a renewed injection of liquidity from the Asian session, strong upward momentum in Bitcoin will rely increasingly on capital inflows from Western markets.
This dependence on market flow heightens the visible impact of US and European trading sessions on Bitcoin prices, as low Asian participation also erodes overnight liquidity buffers.
Recent data revealed that US spot Bitcoin ETFs saw $783.4 million in net outflows last week, paired with a 13.45 percent decline in trading volume. According to Glassnode, the spot cumulative volume delta—a metric tracking the dominance of buyers versus sellers—fell by roughly 28.6 percent, indicating waning buying pressure.
Stagnant prices and shifting expectations
These developments suggest that the demand which propelled Bitcoin’s rally in April has now lost much of its momentum, leaving the leading cryptocurrency struggling to establish clear support for the next move. Enflux analysis indicates that traders are caught in a narrow range, with prices oscillating between $78,000 and $82,000. Rather than serving as a launching pad, the $80,000 level now functions as the upper boundary of Bitcoin’s current price corridor.
Market attention this week has turned to upcoming US employment data. A stronger-than-expected jobs report could spark new upward momentum in Bitcoin, fueled by capital from the West. Conversely, disappointing numbers may expose Bitcoin to further downside, especially in the absence of liquidity from Asia.
