Bitcoin $BTC climbed back above $80k after a job- driven dip, but the rebound still looks more like a resistance test than a confirmed breakout.

Analyst at Glassnode say spot and perpetual buyers are becoming more aggressive, while leverage in futures markets is helping fuel volatility. At the same time raising hedge activity ahead of key inflation data suggests traders are staying cautious.

With ETF demand remaining strong and exchange reserves staying low, the market structure still looks supportive but the next major move may depend on upcoming macro data.

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