With bitcoin rising to around $81,000 and extending its rebound, long-term holders have net accumulated 331,000 BTC over the past month, data showed. U.S. spot bitcoin exchange-traded funds also saw inflows for three straight sessions, raising expectations of a market recovery.

As of May 5, Cointelegraph reported, bitcoin has gained 5 percent over the past week and 21 percent over the past 30 days. In the current rebound, accumulation by long-term holders who have not sold bitcoin for at least 6 months stood out.

CryptoQuant data showed the supply held by long-term holders increased by 331,000 BTC on a 30-day rolling basis. That is worth about $26.7 billion at current prices, with about 1.6 percent of total supply moving into long-term holding wallets.

Institutional money is also flowing back in. Spot bitcoin ETFs recorded total net inflows of $1.18 billion over the past three sessions. Net inflows on May 4 alone were $532 million. The market is seeing the resumption of ETF inflows as adding upward pressure to bitcoin prices.

MN Capital founder Michael van de Poppe (마이클 반 데 포페) said in a post on X, formerly Twitter, "ETF flows are back in the markets, and the bitcoin market is turning upwards again."

On the supply and demand side, attention is also on signs that the pace of institutional absorption is outstripping mined supply. Institutions were reported to be absorbing more than five times the amount of newly mined bitcoin in a day. That is cited as a factor reducing sellable supply in the market.

In the short term, the mid to upper $80,000 range is emerging as a key zone. A liquidation heatmap showed bitcoin moving to absorb liquidity around $80,000, and it indicated there were still waiting buy orders between the spot price and $84,600.

Technical trends are also supporting an upside scenario. On the daily chart, bitcoin confirmed a bullish pattern after breaking above resistance at $77,500. If it closes the day above $82,000, the 200-day exponential moving average, the signal for an extended uptrend could become clearer. In that case, a measured target of $94,800 was suggested. That calculates as about 18 percent additional upside from current levels.

Some also point to signs of a medium- to long-term bottom. Crypto investor CryptoCoup said there is a possibility that a macro bottom has formed for bitcoin after a bullish crossover in the weekly MACD. It also set a condition that the price must decisively break resistance at $84,000 for an additional upside scenario to above $92,000 to open up.

Ultimately, bitcoin's next direction is increasingly likely to be determined by long-term holder accumulation, ETF inflows, and whether it breaks above $82,000 and $84,000. The market is expected to watch for continued supply-demand and technical signals in this zone for the time being.

ETF flows are back in the markets, and the markets are turning upwards for #Bitcoin. Clearly above $80K since yesterday, and I assume we'll continue to see more strength coming in over the course of the next few weeks as there's a lot of ETF demand happening. The Gold <>… pic.twitter.com/6dovOfpif6