Bitcoin (BTC) price surged past $80,000 on May 4, its highest level since January 31, 2026, amid bullish sentiment.
Bitcoin price broke through a major sell wall around $79,245, established in April, reaching a local high of $80,617 on Monday, before retracting 1.2% to trade at about $79,760 at press time, up 1.67% over the past 24 hours.
As such, Bitcoin’s market capitalization added nearly $24 billion on Monday to reach $1.6 trillion at the time of reporting.
Why is Bitcoin price up today?
Bitcoin price continued with its recent bullish trend today, catalyzed by rising inflows into its derivatives market, as Finbold previously reported. Over the past 30 days, BTC’s Open Interest (OI) – the total value of active contracts held by market participants across all exchanges – surged by more than $10 billion, currently hovering around $58.63 billion according to data from CoinGlass.
What’s next for the BTC price?
Finbold AI Agent, an advanced financial assistant, predicted that BTC price may not rally further and could consolidate over the next seven days, with a target of $79,850 on May 11. The prediction utilized multiple Large Language Models (LLMs), including Claude Opus 4.6, DeepSeek Chat, Gemini 3 Flash, GTP-5.2, and Grok 4.1.
The near-term bullish sentiment for Bitcoin is further challenged by the low spot demand, as Finbold noted. Moreover, the rising supply of Bitcoin on exchanges signaled that the recent uptrend is largely fueled by leveraged traders, which is not sustainable, as Finbold explained.
During the last seven days, the supply of BTC on crypto exchanges increased from 2.66 million to 2.68 million, based on metrics from CryptoQuant. Consequently, it is clear that spot traders have been net sellers whenever the BTC price rebounds, further strengthening the case for a near-term reversal.
