Bitcoin Surges to $107,000 Before Dropping Back to $102,000
Bitcoin (BTC) started the week with a rise to over $107,000, its highest since January 24, before retreating to $102,000. The cryptocurrency maintains an upward trend, forming higher highs and lows, with market dominance exceeding 64%.
Key points include:
- Options market shows bullish sentiment with significant call open interest above $100,000 for May 30 expirations.
- Accumulation is widespread across wallet cohorts, indicated by a high accumulation trend score of 0.87.
- The U.S. 30-year Treasury yield surpassed 5%, raising concerns as it previously correlated with a drop in BTC price.
- The U.K. has become the second-largest holder of U.S. debt, while Tether’s Treasury holdings are set to exceed Germany's.
What to Watch
- Crypto events:
- May 19: CME Group launching cash-settled XRP futures.
- May 19: Coinbase replacing Discover Financial in the S&P 500.
- May 22: Celebrating Bitcoin Pizza Day.
- May 30: Second round of FTX repayments begins.
- Macro events:
- May 19: U.K.-EU summit for defense and economic cooperation.
- May 20-22: G7 finance ministers meeting in Canada.
- Earnings:
- May 20: Canaan reporting pre-market results.
- May 28: NVIDIA's earnings post-market.
Market Movements
- BTC down 0.78% at $102,937.12.
- ETH down 6.36% at $2,408.96.
- CoinDesk 20 index down 4.24% at 3,072.36.
Technical Analysis
- BTC retraced to $102,800 after a strong weekly close.
- Continued demand observed at lower levels; potential support found between $94,000 and $99,000 if range lows break.
Bitcoin Stats
- BTC Dominance: 64.01%
- Total Fees: 5.92 BTC ($617,813)
Derivatives Positioning
- Total open interest on centralized exchanges stable at $150 billion.
- Intensified short-term hedging noted ahead of key expiries on May 23 and May 30.
Chart of the Day
- Bitcoin long-term holder supply nearing a one-year high of 14,326,823 BTC, reflecting increased conviction among holders.