BlockBeats News, May 5th. Bitcoin surged to a high of $81,300, bringing its weekly and 30-day cumulative gains to 5% and 21%, respectively. Data from CryptoQuant indicates that based on a 30-day moving average, long-term holders have accumulated a net increase of 331,000 BTC, valued at approximately $26.7 billion at Tuesday's current market price. This accounts for nearly 1.6% of the total supply, signaling increased accumulation during this price recovery.

Alongside Bitcoin's rise, there has been strong inflow into the U.S. Bitcoin Spot ETF, with a total net inflow of $1.18 billion over the past three consecutive days. Monday saw a net inflow of $532 million, highlighting growing institutional interest in BTC. Michael van de Poppe, the founder of MN Capital, stated on Tuesday on X: "ETF inflows have returned to the market, signaling a bullish turn for Bitcoin." He added, "I expect more inflows in the coming weeks as there is currently significant demand for ETFs." As previously reported, institutions are absorbing over five times the daily newly mined BTC supply.

The $84,000 region is a key focus for many traders as it aligns with a CME gap formed in early February. Technically, after breaking above the upper boundary of $77,500, the price has validated a bull flag pattern on the daily chart. A daily close above the 200-day Exponential Moving Average (EMA) at $82,000 will confirm the continuation of the uptrend, with a target of $94,800 based on the bull flag's measurement, representing an overall gain of 18%. A chart shared by crypto investor Cryptocupra indicates that following a bullish crossover on the weekly MACD, Bitcoin may have formed a macro bottom, paving the way for further upside.