#Can BTC Stand Above $80K?

Bitcoin indicates a more resilient response to crises, pointing to a strong capital base: Bernstein
Bitcoin demonstrated remarkable resilience during the recent market fluctuations. According to Bernstein, this situation indicates that there is a stronger capital base behind the cryptocurrency.

While previous crises experienced declines of up to 70% due to factors like the pandemic and interest rate shocks, the current 26% correction seems quite moderate in comparison.

Bernstein's senior digital asset analyst Gautam Chhugani thinks: "This price stability shows that Bitcoin is now supported by more 'resilient capital'."

Funds traded on the exchange, ( ETFs ), and corporate treasury strategies have contributed to transforming Bitcoin's investor base through corporate capital inflows. This situation has reduced historical dependence on retail flows.

Chhugani points out this: "Despite Bitcoin losing 15% of its value during this period, ETF outflows are still in positive territory with an inflow of approximately 770 million dollars since the beginning of the year."

This situation is different from panic selling by retail investors and high-leverage miner liquidation periods. In previous crises, the world's leading cryptocurrency experienced declines of up to 70%.

Chhugani notes that Bitcoin is increasingly behaving like a "probabilistic 'gold'". According to him, Bitcoin is a more volatile and liquid version of the precious metal.

While Bitcoin maintains its correlation with technology stocks in risk-off events, it is also shaping up as a barometer of risk appetite over the weekend. It serves as a leading indicator while traditional stock markets are closed.

Chuggani says: "We believe that Bitcoin has acted as the most accessible and liquid risk market while the stock markets are closed."
Meanwhile, miners are maintaining their "low-leverage healthy balances." They are not under urgent pressure to sell their Bitcoin assets. This situation further protects the market from supply shocks.
The report highlights that the US tariffs imposed on Chinese mining equipment could hinder the expansion of the local hash rate. However, miners' diversification efforts and new AI-focused deals are also cited as buffer factors.

Analysts write: "Artificial intelligence offers miners upward potential and diversification of business models." They also cite ongoing agreement activities with companies like CoreWeave as an example.