Stabilization Below Key Resistance: Bitcoin is trading around the $85,000 range, facing resistance near the 200-day moving average (approximately $88,000).
* Short-Term Bullish Momentum: Despite being below the 200 DMA, the short-term structure shows higher highs and lows, indicating some bullish momentum on the 4-hour chart.
* Volatility Potential: Increasing open interest in the futures market suggests that a significant price change may be on the horizon, depending on whether the resistance at $88,000 breaks or holds.
* Analyst Targets: Some analysts predict a potential rise to $138,000 within the next three months, referencing historical correlations with the US High Yield Index. Others see a medium-term target of $155,000, paralleling previous rallies in gold.
* Gold Correlation: Bitcoin's historical patterns are being closely monitored following gold price movements, especially with gold recently reaching new all-time highs. Some analysts expect a significant rally in Bitcoin by the latter half of 2025 based on this correlation.
* Miners' Behavior: Bitcoin mining reserves are continuously decreasing, which could indicate profit-taking but may also reduce long-term selling pressure if sales occur gradually.
General Crypto Market Updates:
* Bitcoin Adoption in El Salvador: A notable number of registered Bitcoin service providers in El Salvador (approximately 89%) are reportedly inactive, raising questions about the success of the country's Bitcoin adoption strategy.
* Market Changes Over the Past Year: The White House highlighted significant changes in the cryptocurrency market over the past year, with Bitcoin rising from $29,000 to $65,000 and Ethereum from $1,800 to $3,200 between April 2024 and April 2025.
* Dogecoin (DOGE) Surpasses TRON (TRX): Dogecoin has re-entered the top eight cryptocurrencies by market capitalization, surpassing TRON. This is notable as many other altcoins have struggled to gain traction. Nonetheless, Dogecoin's technical analysis indicates that it is still in a downward trend that began in February.
* UK Court Ruling on Crypto Scam: A UK court ruled that Santander Bank is not liable for a customer's £750,000 loss in a crypto scam, reinforcing the principle that banks are generally not responsible for authorized but fraudulent transfers.
* Polygon (MATIC) Partnerships: Polygon continues to establish significant partnerships with major corporations such as Mastercard, Instagram, Stripe, Adidas, and Disney, focusing on various applications of its layer-2 scaling technology for Ethereum.
* Bear Market Analysis: Some analysts suggest that the cryptocurrency market is in a bear market cycle since the end of March 2025, indicating Bitcoin trading below its 200-day simple moving average. However, a potential recovery is hoped for in the second half of the year.
* Regulatory Developments: Slovenia is proposing a 25% tax on personal profits from digital asset disposals starting in 2026, indicating a continued focus on cryptocurrency taxation by EU member states. The US SEC has also approved options trading for several Ether ETFs.
In summary, the cryptocurrency market is currently facing significant developments in consolidation, adoption, and regulation for major assets like Bitcoin, along with notable changes in the market capitalization rankings of various altcoins.