Bitcoin Eyes $80,000 Resistance as Big Tech Earnings Lift Risk Sentiment

Bitcoin has rebounded to $77,400, tracking a broader recovery in risk assets fueled by a wave of positive earnings from the largest U.S. technology companies. The rally follows double-digit revenue growth reports from Apple, Alphabet, Microsoft, Meta, and Amazon, which have revitalized investor confidence in the artificial intelligence growth narrative. Despite the bounce, analysts suggest the current move is characterized more by relief buying than a sustained bullish trend. Market participants are weighing these gains against structural pressures, including significant spot Bitcoin ETF outflows exceeding $400 million in April and heightened geopolitical risks. The Federal Reserve maintained interest rates between 3.50% and 3.75% this week, though the decision saw four dissenting votes—the highest number since 1992. Market volatility is expected to persist as Jerome Powell’s term ends on May 15, with the potentially more hawkish Kevin Warsh expected to lead the June FOMC meeting, potentially shifting the trajectory of monetary policy. External macro headwinds remain a primary concern. Escalating tensions involving Iran and disruptions in the Strait of Hormuz have pushed crude oil prices higher. This surge in energy costs could feed into broader inflation, making central banks less inclined to implement rate cuts, which typically weighs on non-yielding assets like cryptocurrency. From a technical perspective, Bitcoin is currently testing a critical resistance zone at $80,000. A successful break above this level could attract a new wave of buyers, while a failure to penetrate the zone may trigger a correction toward the 200-day exponential moving average of approximately $68,000.