Bitcoin Holds Above $80K After Hot CPI, On-Chain Signal Flashes Early Bull

Context The May 13 CPI release came in higher than forecasts, initially pressuring risk assets. Bitcoin fell to an intraday low near $80,400 before buyers stepped in, pushing the price back to roughly $81,300—a gain of about 1.1% from the low.

We calculate the broader crypto market cap as $81,300 times the circulating supply of roughly 19.4 million BTC, giving a value near $1.58 trillion. In contrast, the S&P 500 slipped about 0.3% on the same day, showing Bitcoin’s relative resilience.

For reference, gold’s market cap stands near $14 trillion, highlighting Bitcoin’s smaller but growing share of global store‑of‑value assets.

Key Facts - Bitcoin ($BTC) traded at approximately $81,300, having bounced from an intraday low of $80,400 after the CPI report. - CryptoQuant’s proprietary market cycle signal flipped Bitcoin into early bull market territory, the first such signal since March 2023. - CoinGlass liquidation heatmap shows dense leveraged liquidity between $84,000 and $85,500, plus another cluster just below $80,000. - We estimate Bitcoin’s market cap at roughly $1.58 trillion, based on a circulating supply of 19.4 million coins.

What It Means The price action suggests traders are defending the $80,000 psychological floor, treating it as a short‑term support zone. The early bull market signal indicates that on‑chain metrics such as realized cap and miner profitability are improving, which historically precedes sustained upward moves.

Leveraged liquidity clusters act as price magnets: if Bitcoin climbs toward the $84,000‑$85,500 range, short‑term sellers may be liquidated, potentially fueling further gains; conversely, a dip below $80,000 could trigger long liquidations and test lower support near $76,000. Market participants will watch whether the price can break above the $82,300 200‑day moving average and hold there, as that would open the path toward the $85,000 resistance zone.

What to watch next: the upcoming U.S. crypto regulation developments, especially the CLARITY Act, and any follow‑up inflation data that could shift risk appetite.