Bitcoin News

Bitcoin has continued its steady ascent, with the asset now trading above $103,000. This marks a 0.4% decrease over the last 24 hours and more than 20% over the past month. While the rally has reaffirmed bullish sentiment in broader markets, recent data points to a shift in the sources driving this momentum. A CryptoQuant analyst has observed a growing disparity between regional and global market behavior, especially regarding the price of Bitcoin across different exchanges. Related Reading: Bitcoin Treasury Firms Are This Cycle’s Bubble, Experts Warn Upward Momentum as Global Investors Take the Lead CryptoQuant analyst Avocado Onchain recently analyzed a key metric known as the “Korea Premium,” which tracks the price difference between Bitcoin on Korean exchanges and international platforms. Despite Bitcoin’s rising market price, the Korea Premium has been on a consistent downward trend. This suggests the ongoing rally is largely being driven by institutional flows and investor sentiment in markets outside Korea, rather than from the historically active Korean retail segment. In previous cycles, particularly in 2017 and 2021, South Korean exchanges often traded BTC at a premium due to local demand surges, sometimes up to 20% higher than international prices. These periods were typically seen as signals of retail-driven euphoria. Avocado explains that this change in market dynamics reflects a new phase of capital distribution in the crypto space. With spot Bitcoin ETFs now operational in the US, and growing interest from corporations and even sovereign wealth entities, a larger share of trading activity is being driven by institutional strategies rather than retail speculation. This is reflected in the subdued Korea Premium, which failed to spike even as BTC crossed major resistance levels in recent months. Institutional Activity Redefines Bitcoin’s Market Drivers According to Avocado, even if a rebound occurs, any Korea Premium near 10%—once considered modest—should now be interpreted as elevated. The absence of excessive domestic premiums highlights that Asian retail is no longer setting the pace in Bitcoin markets. Instead, global institutional actors, armed with new vehicles like ETFs and custodial platforms, appear to be the primary drivers of demand. This shift is significant because it may signal more sustained and less volatile growth for Bitcoin, in contrast to previous boom-and-bust cycles fueled by retail enthusiasm. Related Reading: Buyers Take Control: Indicator That Predicted Previous Bitcoin Rallies Fires Again Avocado’s observations suggest a maturation of the crypto market. With retail sentiment lagging and institutional interest rising, Bitcoin’s price trajectory may now be more responsive to global macroeconomic events, policy shifts, and capital allocation trends from major asset managers. This evolving dynamic could also change how traders interpret volume spikes and volatility, especially as retail signals like the Korea Premium lose some of their predictive power. Featured image created with DALL-E, Chart from TradingView

Solana started a fresh increase above the $175 zone. SOL price is now correcting gains and might find bids near the $172 support zone. SOL price started a fresh upward move above the $160 and $165 levels against the US Dollar. The price is now trading near $175 and the 100-hourly simple moving average. There is a short-term declining channel or a bullish flag forming with support at $172 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could start a fresh increase if it clears the $180 resistance zone. Solana Price Corrects Gains Solana price formed a base above the $155 support and started a fresh increase, like Bitcoin and Ethereum. SOL gained pace for a move above the $160 and $165 resistance levels. However, the bears were active below the $185 resistance zone. A high was formed at $184.75 and the price corrected some gains. The price dipped below $180 and $178. The price dipped below the 50% Fib retracement level of the upward move from the $166 swing low to the $185 high. However, the bulls are active above the $172 level and the 61.8% Fib retracement level of the upward move from the $166 swing low to the $185 high. Solana is now trading near $175 and the 100-hourly simple moving average. There is also a short-term declining channel or a bullish flag forming with support at $172 on the hourly chart of the SOL/USD pair. On the upside, the price is facing resistance near the $178 level. The next major resistance is near the $180 level. The main resistance could be $185. A successful close above the $185 resistance zone could set the pace for another steady increase. The next key resistance is $192. Any more gains might send the price toward the $200 level. Downside Correction in SOL? If SOL fails to rise above the $180 resistance, it could start another decline. Initial support on the downside is near the $172 zone. The first major support is near the $170 level. A break below the $170 level might send the price toward the $162 zone. If there is a close below the $162 support, the price could decline toward the $150 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level. Major Support Levels – $172 and $170. Major Resistance Levels – $180 and $185.

XRP price extended gains above the $2.60 zone. The price is now correcting gains from $2.65 and might find bids near the $2.480 zone. XRP price started a fresh increase above the $2.550 zone. The price is now trading above $2.50 and the 100-hourly Simple Moving Average. There was a break below a key bullish trend line with support at $2.550 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair might start another increase if it stays above the $2.480 support. XRP Price Corrects Some Gains XRP price remained supported above the $2.420 level and started a fresh upward wave, like Bitcoin and Ethereum. The price was able to surpass the $2.50 and $2.550 levels. The bulls pushed the price above the $2.60 resistance zone. Finally, it tested the $2.650 zone. A high was formed at $2.650 before there was a pullback. The price dipped below $2.550 and the 50% Fib retracement level of the upward move from the $2.4220 swing low to the $2.650 high. Besides, there was a break below a key bullish trend line with support at $2.550 on the hourly chart of the XRP/USD pair. The price is now trading above $2.50 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.550 level. The first major resistance is near the $2.580 level. The next resistance is $2.60. A clear move above the $2.60 resistance might send the price toward the $2.650 resistance. Any more gains might send the price toward the $2.720 resistance or even $2.750 in the near term. The next major hurdle for the bulls might be $2.880. More Losses? If XRP fails to clear the $2.580 resistance zone, it could start another decline. Initial support on the downside is near the $2.510 level and the 61.8% Fib retracement level of the upward move from the $2.4220 swing low to the $2.650 high. The next major support is near the $2.480 level. If there is a downside break and a close below the $2.480 level, the price might continue to decline toward the $2.450 support. The next major support sits near the $2.420 zone. Technical Indicators Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. Major Support Levels – $2.510 and $2.480. Major Resistance Levels – $2.60 and $2.650.

Retail participation in the Bitcoin (BTC) market is on the rise, as on-chain data indicates that smaller investors are gradually re-entering the space. This renewed activity is often a sign of growing confidence in the asset and can act as a catalyst for the next leg up in price. Bitcoin Witnesses Rise In Retail Participation According to a recent CryptoQuant Quicktake post by on-chain analyst Carmelo Aleman, retail investors – defined as wallets holding less than $10,000 worth of BTC – are steadily returning to the market. These participants are typically the most reactive to market movements. Related Reading: Bitcoin Market Cycle Indicator Hints At Bullish Breakout Ahead, Analyst Says Aleman noted that while retail investors may not always time the market as effectively as institutional players, their behavior remains a key barometer of broader market sentiment. As more retail investors join, they tend to create a positive feedback loop, reinforcing bullish narratives and driving increased buying pressure, which can attract even more participants. The BTC: Retail Investor 30-Day Change indicator reflects this trend. Since turning positive on April 28, the indicator has shown a 3.4% increase in retail buying through May 13, signalling a strong resurgence in small-investor activity. Aleman added that if Bitcoin maintains its upward momentum, the broader crypto market could benefit, as retail investors may begin diversifying into other assets in search of higher returns. He wrote: This could benefit the entire crypto space, as small investors are likely to diversify into other projects, including DeFi, staking, futures, and other instruments. All signs point to this shift in retail behavior being the start of a new wave of mass adoption in the cryptocurrency market. Aleman also emphasized monitoring other on-chain indicators such as active addresses, unspent transaction output (UTXO) count, new addresses, and transfer volume, which often rise in tandem with growing retail activity. A Few Warning Signs For BTC While rising retail interest is encouraging, a few red flags suggest caution. Notably, the Exchange Stablecoins Ratio (USD) recently surged to 5.3 during Bitcoin’s rally to $104,000. This suggests that BTC reserves on exchanges now exceed stablecoin balances – a signal that selling pressure could be building. Related Reading: Bitcoin Flashing Pre-Rally Signals Seen Before Major 2024 Breakouts, Analyst Says According to CryptoQuant contributor EgyHash, a reading above 5.0 is historically significant. A similar spike to 6.1 in January was followed by a sharp price correction, indicating that investors may be rotating from BTC back into cash. Despite some cautionary indicators, Bitcoin continues to exhibit bullish momentum. The Stochastic RSI is showing renewed strength, and other technical signals suggest the rally could continue. At press time, BTC trades at $103,993, up 0.3% in the past 24 hours. Featured image from Unsplash, charts from CryptoQuant and Tradingview.com

Ethereum price extended its increase above the $2,720 zone. ETH is now correcting gains and might revisit the $2,500 support zone. Ethereum started a fresh increase and cleared the $2,720 resistance. The price is trading above $2,520 and the 100-hourly Simple Moving Average. There is a short-term declining channel or a possible bullish flag forming with resistance at $2,630 on the hourly chart of ETH/USD (data feed via Kraken). The pair could find bids near $2,500 and start a fresh increase in the near term. Ethereum Price Dips Again Ethereum price remained supported and started a fresh increase above $2,620, beating Bitcoin. ETH gained pace for a move above the $2,650 resistance zone. The bulls were able to push the price above the $2,700 resistance zone. A high was formed at $2,736 and the price is now correcting gains. The price dipped below $2,650 and even spiked below the 50% Fib retracement level of the upward move from the $2,415 swing low to the $2,736 high. However, the bulls are still active above $2,550. Ethereum price is now trading above $2,550 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,620 level. There is also a short-term declining channel or a possible bullish flag forming with resistance at $2,630 on the hourly chart of ETH/USD. The next key resistance is near the $2,680 level. The first major resistance is near the $2,720 level. A clear move above the $2,720 resistance might send the price toward the $2,820 resistance. An upside break above the $2,820 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,880 resistance zone or even $2,950 in the near term. More Losses In ETH? If Ethereum fails to clear the $2,630 resistance, it could start a fresh downside correction. Initial support on the downside is near the $2,575 level. The first major support sits near the $2,500 zone or the 76.4% Fib retracement level of the upward move from the $2,415 swing low to the $2,736 high. A clear move below the $2,500 support might push the price toward the $2,420 support. Any more losses might send the price toward the $2,350 support level in the near term. The next key support sits at $2,320. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $2,575 Major Resistance Level – $2,680