As of the Asian morning session on May 5, Bitcoin successfully broke through the key $80,000 level during the New York trading hours on Monday (May 4). It rose by about 2.1% at one point, reaching a high of $80,594—its nearly three-month high since late January 2026. The current price is consolidating in a high range of $79,500 to $80,500, with the daily upward channel remaining intact and a relatively bullish short-term bias.

There are three core factors behind this rally: First, on the geopolitical front, since the escalation of the US-Iran conflict, Bitcoin has gained roughly 20% in total. Digital assets have shown strong resilience amid geopolitical shocks and the backdrop of rising oil prices. Second, in terms of policy expectations, progress in US stablecoin yield-related legislation negotiations continues to improve expectations for the cryptocurrency regulatory environment, which is further boosting market sentiment. Third, from a funding perspective, the US spot Bitcoin ETF has recorded net inflows for the fifth consecutive week. The total inflow for April reached the highest level since 2026, and by the weekend it also saw a strong single-day net inflow of about $630 million.

The derivatives market has also provided momentum. In the past 24 hours, the liquidation amount for crypto shorts was about $359 million, and the short-covering effect has clearly amplified the upside move.

Looking ahead, if the $80,000 psychological level can be effectively held, it may open up room to test the resistance zone between $82,000 and $84,000. Short-term support is at $79,000 to $79,500, with further support near $78,000. However, attention should be paid to on-chain activity falling to a two-year low, and whether broad participation in this rally can be confirmed still remains to be validated. #Gate广场五月交易分享