Multiple data points indicate that the market has shifted back to a bullish stance, and Bitcoin may rise to $80,000.

According to ME News, on May 2nd (UTC+8), the Bitcoin price target was set at $80,000. Recently, Bitcoin rose 2.52% after finding support at the 100-day exponential moving average. Spot market trading volume increased, with the cumulative volume difference (CVD) reaching 11,500 BTC, the highest value to date. Simultaneously, BTC futures open interest increased by 6.64% to 257,000 BTC, indicating the establishment of new positions. Over the past two days, Bitcoin rebounded from the 100-day EMA, rising to $78,800 on Friday, solidifying its short-term upward trend. Spot market demand is also growing, with the new CVD high indicating buyers absorbing supply during pullbacks. New positions continue to be added in the futures market, with increased open interest suggesting new participants entering the market and consolidating below $80,000. Futures trading volume recovered to 98,300 BTC, indicating a return of buying pressure. Liquidity is concentrated in the $78,000 to $80,000 range, and risky short positions could trigger a short squeeze. The decline in OTC balances indicates a decrease in supply, consistent with the trend of $1.97 billion in ETF inflows in April. (Source: ME)