BTC Hits $80K Then Dumps… Trap or Setup? #CryptoTownHall

**Scott Melker** (0:00)
Good morning, everybody. Welcome to Crypto Town Hall. Every other day here on X10, 15 a.m. Eastern Standard Time, Bitcoin once again took a shot at $80,000 and was rejected. I think no surprise here. If you take a look, though, there's a lot happening under the surface. Yet another near record breaking week for Bitcoin spot ETF inflows now have, to my knowledge, I haven't looked at this morning, but nine days of sustained inflows being heavily led by BlackRock. Actually, BlackRock options now have once again surpassed Deribit options in open interest, which is, I think, pretty telling of the institutional involvement in the space. Of course, we had the Trump meme coin gala on Saturday, which I know is very exciting for everybody here because you probably all attended. And, man, just a lot to unpack here. But I guess we could talk about sort of how Bitcoin has found a home here in the high 70,000s. I think that makes sense. Funding is flat. I think whatever technical move and shorts there were to be squeezed have largely been squeezed. And now we find ourselves sort of at that make or break point where, you know, 74 to 76 area below is support that was previous major resistance. Now we're kind of high and 80 So anybody on the panel jump in thoughts?
Let's get it going.
Somebody save me or I'm just going to give a monologue.

**SPEAKER_2** (1:34)
Yeah, I was looking at it earlier today.
You know, it still looks like we're in that bear flag going up. I see some liquidity above. You know, we kind of talked about this before. We've hit over a couple of areas that we discussed in the previous shows.
You know, I can see it going as high as like maybe 87, you know, 86, 87 area if it's stretching for that liquidity. And then we're still in that range. And I still see a lot of liquidity building up below, you know, 65 area. And even if, you know, you want to look at the lower possibility areas, you know, 50 is some more liquidity down there as well, if there's some kind of capitulation event that people want to consider. So that's kind of like the ranges I'm looking at. I see both of the 65 and 87 is being, the 78 to 87 is the range, but I see that being possible for being touched on both sides.

**Scott Melker** (2:33)
Tomer, I know you were jumping in there.

**SPEAKER_3** (2:35)
Oh, I was going to say that we're grinding up slowly. It's occasionally a setback, sometimes going sideways, but that dip from January, it waked all the way down to 60 and then kind of stabilized at 66 is now $11,000 in the rear view mirror. And for me, the real question is, when are we going to start seeing the movements that take us back north of 100K?
And is that going to be this summer? Is it going to be this year?
And I think the positive and encouraging side, like there's two fronts that are driving people's decision-making who aren't just high-frequency momentum traders who I don't think impact the long-term price, which is on the one hand, you've got things like strategies stretch generating a lot of money that probably wasn't going to come into Bitcoin, into Bitcoin. So that's on the positive side. And it really is like a freight train running or a rocket ship heading into launching its second stage booster. So it's very significant. And on the downside, you have all this FUD. You have the quantum FUD. You have the exploits in DeFi that are getting people to be confused about the distinction between Bitcoin and crypto or to look at the whole space and say, you know, this is none of the self-sovereignty with all of the scaminess. So there's a tug of war. And I guess there's always a tug of war. But in this case, to me, it's one of secondary considerations to Bitcoin, right? It's not people buying Bitcoin directly. It's Michael Saylor has invented a product that's getting people to give them money to buy Bitcoin indirectly. And it's also all sorts of speculative stuff that's driven by incentives that aren't the incentives to pump the price or dump the price of Bitcoin, but to get an exit on a VC thing or raise capital on a VC thing. Now, it's a noisy time, but I think the one that seems more fundamental between those two forces that I described would be Michael Saylor buying Bitcoin. And indeed, what he can cause to catch fire is if his buying of Bitcoin is driving up the price of Bitcoin, that's going to drive a lot more people to be interested in Bitcoin. The secondary stuff around crypto, I'm not an expert in. I don't pretend to be, and I don't really comment on it.