[Digital Today reporter Jinju Hong (홍진주)] Bitcoin (BTC) has regained the $80,000 level, but some analysis says this rebound looks different from past bull markets. That is because prices are rising even though large-scale new issuance of Tether (USDT), which repeatedly appeared in prior upswings, has been relatively limited this time. The market is focusing on the possibility of a rise driven by spot demand rather than a simple liquidity rally.

The Crypto Basic, a blockchain outlet, reported on May 11 (local time) that bitcoin's recent rise is interpreted as relying more on existing market funds and spot buying than on an expansion in new stablecoin supply.

Bitcoin rebounded after falling to $74,912 on April 29, continuing the move higher with rising lows and highs. Its gain over the past 12 days was tallied at about 8.22%. It saw a pullback of about 1 percent at one point on the day, but held above $80,000 as it traded around $81,000.

CryptoQuant verified analyst Martuun said, "This time is something different." He said past bitcoin surge phases were preceded by, or showed heavy concentrations of, large USDT issuance early in the rise, but no new issuance at the same level has been confirmed during the past few days of gains.

Charts show that from late 2024 through most of 2025, periods of sharp bitcoin rallies often coincided with times of large USDT issuance. Such issuance generally appeared just before a price jump or early in an upswing, and a pattern repeated in which newly released stablecoins flowed into exchanges, were used to buy bitcoin and pushed prices higher.

The recent rebound has a different structure. There was some expansion in USDT issuance early on when bitcoin began rebounding around $75,000, but prices have continued to rise in subsequent gains without large liquidity supply. That is interpreted as meaning that funds already inside the market and spot demand are supporting the rise.

Some in the market also view that positively. A rise that does not rely excessively on new stablecoin supply could signal that buying based on real demand is a larger share than speculative funds. At the same time, some suggest selling pressure may have weakened compared with the past.

Still, some forecasts say the pace of gains could slow in the short term. Without strong liquidity injections, analysis says the move is more likely to show repeated mid-course pullbacks rather than a sharp surge.

Technically, $80,000 is cited as a key support level. By contrast, the $82,000 to $85,000 range was identified as a major resistance zone. Analysts see a high likelihood that whether it breaks through that range will determine the next trend. They also cited new USDT issuance, inflows to exchanges and changes in stablecoin balances as variables that could shape direction.

Other analysts' price outlooks also hinge on whether bitcoin clears the resistance zone. Capital Marx said bitcoin has shown strong momentum after breakouts and could be in the early stages of a larger rally, citing the possibility of a further 53% rise to about $124,697. Ali Martinez pointed to $82,500, the 200-day simple moving average, as an important area. He said a break above it could open the way to $94,000, but failure to clear it could also raise the possibility of a retest of $75,000, the 50-day simple moving average.

Ultimately, the key to this bitcoin rebound lies less in the price rise itself than in changes to the funding structure supporting it. Holding above $80,000 even as new USDT issuance remains weak is read as a signal that the quality of demand has changed, but whether it can break through resistance in one move without strong liquidity injections needs further confirmation.