Bitcoin is starting the Hong Kong trading day below $80,000, according to CoinDesk Markets data, as the market once again tests a level that has repeatedly capped its upside in recent sessions.
Glassnode said in this week’s market update that price action remains range-bound just below the price achieved by short-term holders at $80,700, a key on-chain level now acting as near-term resistance.
The issue is not just another rejection of close to $80,000. April timezone data from Presto Research shows returns continued to decline in Asian trading hours, while the US and European sessions accounted for most of the gains.
Three Hong Kong spot Bitcoin ETFs – ChinaAMC, Bosera Hashkey, Harvest – have effectively become inactive. Net assets are at $319.48 million, daily turnover is regularly below $2 million and net creation is at zero for most of the April sessions.
Additionally, capital appears to be moving elsewhere in the region. Hong Kong’s IPO market raised nearly HK$110 billion in the first quarter, its strongest start in five years, with a heavy concentration in mainland China AI and technology listings. With over 400 IPO applications in the pipeline, the Hong Kong exchange is effectively packed for the year.
For regional investors, these deals offer a competing high-growth narrative that could attract dollars away from crypto to risk assets.
Market maker Nflux wrote in a note to CoinDesk that the market is testing whether BTC can remain near $80,000 without widespread global participation.
“If Asian participation remains absent, any sustained push above $80K would require European and US sessions to carry the load without the overnight liquidity buffer normally provided by Asia,” Nflux wrote.
That dependency is becoming more visible in the flow data. According to Glassnode, net outflows from US spot Bitcoin ETFs reached $783.4 million last week, while trading volume fell 13.45%. Spot cumulative volume delta, which tracks whether buyers or sellers are initiating trades, fell 28.6%, pointing to weak buying pressure.
Together, the data suggests that the demand that drove the April rally is no longer building, leaving Bitcoin pressing into resistance without a clear second leg of support. According to Enflux, traders also have expectations in the range of $78,000 to $82,000, with the market considering $80,000 less as a breakout level and more as the top of the band.
Friday’s US payroll report is the next major catalyst. A strong print could give enough momentum for the westerly flow to move up again. A miss would leave Bitcoin testing support without the global participation that typically underpins sustained rallies.