Bitcoin posts third consecutive monthly gain, up 5% in May, approaching $80K. Analyst Lee argues a monthly close above $76K confirms the bear market is over. Tokenization and AI are reshaping finance, with stablecoin volumes surpassing Visa.
Margin longs on Bitfinex reached 80,636 BTC, the highest since December 2023, while Bitcoin fell for five consecutive days from $80K to $76K. Historically, this has been a contrarian signal.
Strategy (formerly MicroStrategy) purchased 13,927 BTC for ~$1 billion last week. As of April 12, total holdings reached 780,897 BTC with an average price of $75,577. Year-to-date BTC Yield stands at 5.6%.
BTC is on the brink of breaking below a two-month range at $84,000, with analysts eyeing $80K, $75K, and even $70K-$71K if support fails. Equities and gold bounced while crypto lagged.
URPD data cited by analyst Murphy shows most Bitcoin selling from Jan. 15 to Feb. 4 came from underwater holders, while the $70,000-$80,000 range saw net buying of 450,413 BTC.
Bitcoin rose to a four-week high of $76,063 after the Strait of Hormuz blockade took effect, liquidating $434 million in shorts involving 180,000 traders. The rally was driven by priced-in expectations, negative funding rates, renewed peace talks hopes, and spillover from US stocks, but the Fear & Greed Index remains at 23, indicating fragility.
Bitcoin attempts to stabilize above $80K in early May as sentiment shifts into mild greed. Analyst Darkfost warns similar setups in January preceded corrections. MA50 crossing MA200 confirms bullish trend, but volume and holder behavior remain uncertain.
Bitcoin briefly topped $80,000 for the first time since late January before quickly reversing. QCP analysts say BTC needs to close the CME gap between $82,000 and $83,000 to stabilize, with U.S. jobs data and crypto earnings on tap this week.
