Bitcoin is replaying history — strong breakouts, surging momentum, institutional holdings... But this time, the market's technical aspects and potential risks cannot be ignored. Will it break through the sky, or will it fall again?
In the short term, there has been a squeeze of trapped positions around $95,000 for more than two months. The recent price increase is mainly due to institutions hoarding, while retail investors have been selling and shorting. Google search trends for the keyword BTC are still low, so the current risk is not high. It will only be a peak when many retail investors start taking out loans to buy BTC as they do with gold.
Last week, the Trump administration softened its rhetoric, indicating that they are considering reaching an agreement with China as soon as possible. Coupled with a slowdown in safe-haven fund outflows, gold has struggled, leading to a massive influx of funds into BTC through ETFs. However, with recent positive news, this week will mainly see sideways movement plus a small correction.
Due to the massive number of trapped positions around $95,000, it will take at least two weeks, if not longer, to break through this pressure level. This week sees the release of several important data points, and if they indicate a cooling of inflation, then BTC will accelerate its breakout.
On Wednesday at 20:15, U.S. April ADP employment figures will be released.
On Wednesday at 20:30, U.S. GDP data will be released.
On Wednesday at 22:00, U.S. PCE data will be released, and on Friday at 20:30, U.S. non-farm payrolls and April unemployment rate data will be released.
Since April 9, nearly 1,000 products on U.S. e-commerce platforms have seen price increases, averaging 29%, making it difficult for inflation to cool down. It is expected that the secondary market will fall into a tough mode again, so it might be worth trying to profit from meme coins in the primary market with small funds while larger funds should primarily hold BTC and patiently wait for a breakthrough!
Focus on three potential coins that could increase tenfold in the future! 1. ENS
Ethereum Name Service (ENS) continues to lead in the cryptocurrency field, currently ranking 94th in digital assets. Its price has risen to $18.77, up 1.52% in the last 24 hours and 32.23% in the past week. ENS remains an important name, with a market capitalization of $674.21 million and a 24-hour trading volume of $153.03 million.
In terms of long-term performance, ENS has performed relatively well over the past year, rising by 25.42%. It outperformed approximately 71% of the top 100 cryptocurrencies and even exceeded Ethereum. Although ENS's trading price is still below its 200-day simple moving average (SMA), its momentum appears to be positive, with 17 trading days of increases in the past month, indicating that 57% of recent trading days were up.
The team behind ENS, namely ENS Labs, has been working hard to expand the project's reach and scalability. One of their main plans is to launch Namechain, a Layer 2 Rollup network, by the end of 2025. This upgrade aims to reduce costs and integrate ENS more deeply into the Layer 2 ecosystem, making it easier for users to link readable names to crypto addresses.
Although ENS has broken through some key resistance levels, it remains an exciting project due to its forward-looking upgrades. If the overall market remains strong, ENS is expected to achieve further growth, making it worthy of close attention from long-term investors.
2. GAS
Gas (GAS) is an important token that maintains the smooth operation of the NEO blockchain. It supports transactions and smart contracts across the entire network and serves as a reward for NEO holders and council members, ensuring its normal operation.
One of the biggest upgrades to GAS occurred last year when transaction fees were reduced by 80%. This significantly lowered the cost of using the NEO network, attracting more users and developers, and also increased the value of the GAS token.
Another significant change is the migration from the old Neo Legacy mainnet to the new N3 mainnet. This upgrade officially ends GAS generation on the old network, marking an important step in the development of NEO.
As of the writing of this article, the trading price of GAS is approximately $3.54, with a price increase of 5.35% over the past day. In the past month, GAS has recorded 16 trading days of increases, accounting for 53%. Meanwhile, the Fear and Greed Index stands at 61, reflecting an increase in trader confidence, while last week's 35 indicated a general fear in the market. These signs suggest a more optimistic outlook for the GAS market and higher participation in the NEO ecosystem.
3. XRP
Despite recent market volatility, XRP has maintained strong momentum. Although Bitcoin has experienced dramatic fluctuations, XRP's price trend has remained relatively stable. As of now, XRP's trading price is approximately $2.20, with strong support between $2.17 and $2.23.
Looking ahead to next week, several key economic events may lead to short-term volatility in the overall cryptocurrency market. Investors will closely watch the core PCE inflation report and GDP data to be released on Wednesday, as well as initial jobless claims and manufacturing PMI data on Thursday. The unemployment data released on Friday will wrap up the week. Although these data points may trigger intraday volatility, analysts believe that unless there are significant discrepancies from expectations, it is unlikely to change XRP's long-term trend.
From a technical perspective, despite recent lower highs and lower lows, XRP remains within a broader trading range. Analysts believe this trend still supports a consolidation rather than a full decline. XRP may briefly dip to $2.05, but if the current support level holds, it is more likely to continue rising to $2.35 or $2.40.
The trading volume of XRP remains relatively low, but its 84% correlation with Bitcoin suggests that its movements may align with BTC's trends in the short term. Currently, XRP remains stable, and unless significant changes in macroeconomic data occur, XRP may gradually rise over the next few days.
