Bitcoin nears $82,000 but macro risks keep its breakout uncertain, says Wintermute.

Bitcoin is approaching a key resistance level near $82,000, close to its 200-day moving average, but has yet to confirm a sustained breakout. Despite strong on-chain data and $2.6 billion ETF inflows in April, recent outflows and sensitivity at higher prices suggest demand is fragile. Macro factors like geopolitics and energy markets remain crucial, as Bitcoin's price still correlates with broader risk assets, limiting its independent upside. Wintermute highlights that Bitcoin's future gains depend heavily on external stability rather than internal strength, with institutional participation present but waning.