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Bitcoin climbed back above $81,000 after a sharp post-CPI sell-off failed to trigger broader panic across the crypto market, reinforcing the view that buyers are still stepping in aggressively during macro-driven pullbacks. At the time of writing, Bitcoin traded near $81,100 after briefly dropping below $80,000 following hotter-than-expected April 2026 inflation data in the United States.
The rebound highlighted how Bitcoin continues to attract dip-buying demand even as inflation, Treasury yields, and geopolitical tensions pressure broader risk markets. While inflation pressures and rising Treasury yields continue to create uncertainty, several structural demand indicators remain supportive for BTC in the near term.
Bitcoin fell to nearly $79,800 late Tuesday after April 2026 CPI data came in above expectations, with higher oil prices tied to the Iran conflict adding to inflation pressure. The quick recovery above $81,000, however, showed that traders were still willing to buy dips even as equities weakened.
The S&P 500 slipped after the inflation print, while the Nasdaq 100 came under pressure from semiconductor stocks following recent gains. Treasury yields also remained elevated, with the US two-year yield staying close to 4%.
Crypto markets reacted differently.
Instead of accelerating lower, Bitcoin stabilized within the same $79,000 to $82,000 range that has held for more than a week. Several traders pointed to the market’s ability to absorb macro stress without losing key support levels.
Technical traders are also watching Bitcoin’s repeated rejection near its 200-day simple moving average. Crypto analyst Anup Dhungana warned that the next move around this area could define broader market structure, with failure to break resistance increasing the risk of another move toward the $70,000 region.
🚨 #Bitcoin is sitting at a level where the next move could define the entire market structure.
Whether 100K comes next, or rejection here sends bitcoin:native back toward the 70K region — that is the question. https://t.co/2oRo1knrl2 pic.twitter.com/kCXuMWGxyU
— Anup Dhungana (@CryptoAnup) May 13, 2026
At the same time, sentiment indicators remain far from euphoric. The Bitcoin Fear and Greed Index stayed near neutral territory at 42, suggesting traders are still cautious despite BTC recovering more than 30% from its February 2026 lows.
Arthur Hayes, co-founder of BitMEX and chief investment officer at Maelstrom, argued this week that Bitcoin likely bottomed near $60,000 earlier this year and is now positioned for a move back toward its previous cycle high near $126,000.
Hayes linked Bitcoin’s bullish setup to two larger macro themes: rising global spending on artificial intelligence infrastructure and growing geopolitical tensions linked to the US-Iran conflict. According to Hayes, both trends are increasing pressure on governments and central banks to maintain loose financial conditions.
Hayes believes expanding credit creation tied to AI infrastructure spending, combined with wartime commodity pressure, creates an inflationary backdrop that historically favors scarce assets such as Bitcoin.
He also identified $90,000 as the level where Bitcoin’s rally could accelerate sharply due to options market positioning. If BTC breaks above that level, traders who sold call options may be forced to buy Bitcoin to hedge exposure, adding further upward pressure.
This can literally go both ways.
If this continues to grind upwards, with the upcoming CLARITY Act tomorrow, I would assume we might see a fast move to $90K in a matter of days for #Bitcoin.
The build-up is sincerely strong. pic.twitter.com/rYkwa7lWYF
— Michaël van de Poppe (@CryptoMichNL) May 13, 2026
Still, not everyone agrees with the long-term safe-haven narrative around Bitcoin. Bridgewater founder Ray Dalio recently argued that Bitcoin remains highly correlated with technology stocks and lacks some of the defensive characteristics traditionally associated with gold.
That counterpoint matters because Bitcoin still trades closely with liquidity conditions and broader risk sentiment during periods of macro stress.
Even with short-term volatility increasing, institutional participation around Bitcoin remains active.
CoinShares reported $858 million in crypto fund inflows last week, with Bitcoin investment products accounting for roughly $706 million. At the same time, short Bitcoin products recorded their largest weekly outflow of 2026, signaling that some traders are unwinding bearish positions.
The flow data arrives as Wall Street firms continue expanding their crypto exposure.
Charles Schwab recently began rolling out direct Bitcoin and Ethereum trading for retail clients, allowing users to buy digital assets directly through existing brokerage infrastructure rather than relying only on ETFs or futures products.
Strategy, formerly MicroStrategy, also resumed Bitcoin purchases this week after announcing another $43 million acquisition funded through share sales. Executive chairman Michael Saylor has continued pushing the long-term corporate Bitcoin treasury model, even floating the idea of a Bitcoin-linked capital gains fund tied to BTC appreciation.
These developments support the broader argument that institutional access to Bitcoin is becoming easier even during periods of macro uncertainty.
Still, ETF flows continue showing caution in the short term.
According to SoSoValue, US spot Bitcoin ETFs recorded net outflows of roughly $233 million on May 12, led by Fidelity’s FBTC product.
According to SoSoValue data, on May 12 (ET), Bitcoin spot ETFs recorded a total net outflow of $233 million, with Fidelity’s FBTC leading outflows at $86.13 million. Ethereum spot ETFs recorded a total net outflow of $131 million, with BlackRock’s ETHA leading outflows at $102… pic.twitter.com/io099CVtev
— Wu Blockchain (@WuBlockchain) May 13, 2026
Another notable signal is Bitcoin dominance moving back above 58%, showing traders are rotating capital toward BTC instead of smaller altcoins.
That trend typically appears during uncertain market phases when investors prioritize liquidity and relative stability over higher-risk trades.
Derivatives positioning also reflects hesitation rather than full bullish conviction. Funding rates across perpetual futures markets remain relatively muted, while options data still shows traders paying a premium for downside protection.
Liquidation data over the past 24 hours also highlighted how quickly leverage can unwind when volatility rises. According to CoinGlass, total crypto liquidations exceeded $243 million, with Bitcoin and Ethereum accounting for most of the losses.
For now, Bitcoin’s ability to reclaim $81,000 after a stronger inflation print gives bulls an important short-term signal. But with ETF flows weakening, resistance near the 200-day moving average still intact, and geopolitical risks pressuring global markets, traders appear unwilling to fully commit until Bitcoin decisively breaks above the next resistance zone near $85,000 and eventually $90,000.
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