Bitcoin is trading above $79,000 after US spot ETFs pulled in a reported $730.9 million in a single day last week, their second-largest daily inflows of the year after the $843.6 million they drew in on January 14.

Crypto analysis platform CryptoRus, in its latest market letter, framed this week as a test of whether that institutional buying can push BTC through the closely watched $82,000 resistance level, something it calls a bullish test rather than a finished breakout.

Three Signals Behind the Breakout Test

CryptoRus pointed to three signals worth tracking. The first is the ETF print itself: Bitcoin held near $80,000 even after a stronger-than-expected US jobs report briefly pressured the market, and the letter reads that resilience as institutional buyers absorbing supply before resistance breaks, though similar spikes have shown up near past market tops.

The second is a leverage reset, with $554.2 million in crypto positions liquidated over 24 hours, $471.4 million of that being shorts and $276.7 million coming from BTC alone.

“That is real demand. It is not yet a completed breakout,” the letter said, adding that forced short covering can speed up a rally without guaranteeing organic demand sticks around once the squeeze ends.

The third signal is Zcash, which climbed from roughly $40 to above $1,200 over the past year and pushed into crypto’s top ten, a sign that speculative capital is concentrating around a scarcity narrative, with the risk of chasing a parabolic move.

“That strength matters beyond ZEC,” the note stated. “It shows that speculative capital is willing to concentrate aggressively when a narrative combines scarcity, renewed relevance, and crowded positioning.”

A Breakout Still Needs Confirmation

Bitcoin itself has changed little over 24 hours, up roughly 2 percent for the week and about 23 percent for the month, though it remains down close to 28 percent over the past year and around 37 percent below the $126,000 high it set last October. Daily trading volume sits near $22 billion, up about 13 percent from the prior session.

The report therefore puts $79,000 and $82,000 at the center of the current setup. A four-hour close above $82,000 followed by a successful retest would provide stronger confirmation. Losing $79,000, meanwhile, would weaken the immediate bullish case and put the liquidity area around $78,000 back in focus.

As things stand, ETF demand is strong, but $82,000 has not yet been cleared.

Source: CryptoPotato