Bitcoin Struggles Near $80,000 as Asian Demand Weakens and IPO Boom Diverts Capital

BTC Faces Resistance With Limited Global Participation

Bitcoin continues to test the $80,000 level but has repeatedly failed to break higher, with price action stalling just below key resistance. On-chain data from Glassnode places the short-term holder realized price near $80,700, acting as a ceiling in recent sessions.

Market structure shows Bitcoin trading within a narrow range, as buyers struggle to sustain momentum without broader global support.

Asian Markets Drag Performance as Capital Rotates to IPOs

Regional demand has softened significantly, particularly during Asian trading hours. Data from Presto Research indicates that Asia has consistently weighed on returns, while U.S. and European sessions have driven most gains.

In Hong Kong, spot Bitcoin ETFs from ChinaAMC, Bosera Hashkey, and Harvest have seen minimal activity, with assets around $319 million and daily volumes often below $2 million. Meanwhile, the local IPO market has surged, raising approximately HK$110 billion in the first quarter, largely fueled by mainland China AI and technology listings.

ETF Outflows and Weak Buying Pressure Raise Concerns

Flow data highlights weakening demand. U.S. spot Bitcoin ETFs recorded $783.4 million in net outflows last week, while trading volume dropped over 13%. According to Enflux, continued upside now depends heavily on Western participation.

With expectations clustering between $78,000 and $82,000, Bitcoin is increasingly viewed as rangebound. The upcoming U.S. payrolls report is expected to be the next major catalyst for direction.