After a powerful breakout last week that pushed Bitcoin into a new all-time high of $118,667, the world’s leading cryptocurrency appears to be taking a breather. As of the time of writing, Bitcoin is trading around $117,953, slightly below its recent peak. The move followed a string of consecutive daily gains as bullish momentum swept across the crypto industry.

In a technical analysis shared on the TradingView platform, crypto analyst RLinda pointed out two scenarios that may play out over the coming days and weeks, depending on how Bitcoin reacts to nearby resistance and support levels.

Related Reading

Support Zones Could Affect Bitcoin’s Next Big Move

RLinda’s technical analysis begins with identifying the significance of Bitcoin’s recent all-time high. Although Bitcoin has entered what seems to be a consolidation phase, there’s no confirmed top just yet. The market structure still favors bullish continuation, especially considering Bitcoin is just coming out of a prolonged two-month consolidation zone and entering a realization phase.

According to the 1-hour candlestick price chart, Bitcoin is currently trading just above a support area below $117,500. If Bitcoin fails to hold this zone, the leading cryptocurrency could kick off a cascade of corrections that could drive the price to $115,500, then potentially to $114,300, and even back to the previous all-time high of $111,800. 

Below that, the 0.5 and 0.705 Fibonacci levels around $113,031 and $111,960 respectively may act as temporary cushions. The last major defensive buy zone is around $110,400, where bulls may step in for a bounce. Basically, what this means is that if Bitcoin loses the support level at $115,500, it could slip back to $110,000 before encountering another strong buy support zone.

Image From TradingView: RLinda

Bitcoin To $125K, But It Must Breach Resistance First

On the other hand, Bitcoin can still push above $118,000 and increase to $125,000, but only under certain conditions. The condition of the rally’s continuation depends primarily on Bitcoin registering a decisive daily close above $118,400 and $118,900. In her words, a daily close above these price levels would hint at a “breakout of structure.” This, in turn, would confirm a transition from consolidation into another impulsive phase upward.

In essence, both the bearish and bullish outlooks depend on how Bitcoin reacts at any of the important zones, either support at $116,700 or resistance above $118,400 before making a directional move. However, it is important to note that the consolidation after last week’s rally could last for weeks or even months, much like we’ve seen in previous rallies this cycle.

According to the Long-Term Holder Net Unrealized Profit and Loss (NUPL) metric from Glassnode, Bitcoin’s current level of long-term profitability sentiment is at 0.69. This is notably below the 0.75 mark associated with euphoric market conditions, despite Bitcoin having just printed a new all-time high.

Image From X: Glassnode

Related Reading

Bitcoin spent around 228 days above the 0.75 euphoria threshold in the previous bull market cycle. In contrast, this current cycle has only seen about 30 days above that level, which suggests long-term holders have not yet fully exited into profit and the leading cryptocurrency hasn’t reached overheated conditions.

Featured image from Unsplash, chart from TradingView

Bitcoin (BTC) is in a “waiting game,” trading between $100,000 and $110,000, with analysts highlighting the need for a macro catalyst to break the top of the channel.

The latest “Bitfinex Alpha” report noted lighter spot activity, softer taker-buy flow, and profit-taking by wallets that had bought below $80,000 in April as the reasons behind the consolidation period.

The report cited spot volume declines and a weaker appetite for futures as signs that the rally from April 9’s $74,634 low has stalled. Exchange data showed $58.6 million in long liquidations and $65.2 million in short liquidations within 24 hours, flushing out leverage on both sides. 

Open interest in perp and dated contracts dropped 7.2% to 334,000 BTC, indicating forced position cuts and a cleaner derivatives landscape. 

The report noted that June corresponds with the close of a historically strong second quarter, with the average return in this period since 2013 standing at nearly 27%. Meanwhile, the third quarter averages only 6%, often with tighter ranges.

Support between $94,000 and $99,000 is still attracting bids, bolstered by the short-term holder’s realized price, which is now nearing $98,779. 

Traders stepped in when the spot price dipped to $98,579 on June 22, lifting the pair to $108,250 after geopolitical tensions eased. 

The report framed the current structure as a “waiting game” in which bulls and bears balance out until fresh demand arrives, most likely from exchange-traded fund flows during US trading hours.

Macro drivers under watch

Nicolai Søndergaard, a research analyst at Nansen, flagged Federal Reserve policy as the primary variable. He noted that the market will likely react positively once the Fed announces rate cuts, adding that risk assets need cheaper funding and better liquidity to attract new capital. 

Søndergaard tracks liquidation heat maps and institutional wallet signals to gauge whether large buyers accumulate or stand aside.

Bitfinex Alpha echoed that view, stating that exchange-traded fund (ETF) inflows must accelerate and global liquidity must expand before Bitcoin can clear the upper band of its two-month range. 

Without deeper cash allocations, spot bids fade near $110,000, and sellers cap the price by trimming their positions. 

Still, the report saw no imminent breakdown as long as key support levels hold and structural positioning remains constructive.

Mentioned in this article

Bitcoin’s price increased 0.5% to $109,600 on Wednesday after United States inflation data for May came in below market expectations.

The asset’s move comes after a period of sustained strength, where it has held a range between $109,000 and $110,000 over the last three days.

The latest Consumer Price Index report showed year-over-year inflation of 2.4%, up from 2.3%, and core inflation of 2.8%, both figures below consensus forecasts.

The monthly core reading, which strips out food and energy, rose by just 0.1%, matching its slowest pace of the year and suggesting underlying price pressures are easing.

A deeper look into the BLS data reveals a notable divergence. The soft headline number was primarily driven by a 1.0% monthly fall in the energy index, with gasoline down 2.6%.

Declines in airline fares and used vehicles also contributed. However, persistent inflation remains in services, as the shelter index rose 0.3% for a fourth straight month, preventing a more substantial drop in the overall inflation rate.

This broad-based cooling of price pressures, particularly in the core measure, could bolster expectations for future interest rate cuts by the Federal Reserve.

The price reaction places Bitcoin near its recent highs but still below the all-time high of $111,900 set on May 22.

This stability follows a recovery from the prior week, during which Bitcoin traded between $103,000 and $105,000 and experienced a brief drop to $100,000 on June 5.

Tariff impact on inflation

The CPI data currently shows no clear evidence of a broad tariff impact pushing up prices. In fact, for key goods categories where tariffs would be most visible, the data points towards disinflation or deflation.

Here’s a breakdown of the analysis from the report:

Core Goods Prices Are Flat: The most important indicator here is the Commodities less food and energy commodities index.

This category, which covers most of the tangible, often imported, goods that would be subject to tariffs, showed 0.0% change for the month. This flatness suggests a lack of inflationary pressure from these goods.

Key tariff-sensitive categories decreased. Looking deeper, several major categories where tariffs would be expected to appear actually saw prices fall in May:

• New vehicles: -0.3%
• Apparel: -0.4%
• Used cars and trucks: -0.5%

Services, not goods, drive current inflation. The report explicitly states that inflation in May was driven by services, which are not directly affected by import tariffs.

• The Shelter index, the largest component of the CPI, rose by +0.3%.
• The Motor vehicle insurance index also rose sharply by +0.7%.

Therefore, while an analyst could argue that a small increase in a category like Household furnishings and operations (+0.3%) might contain a tariff component, the overwhelming evidence in the May 2025 report points away from tariffs as a current driver of inflation.

The dominant story in this data is falling energy prices counteracting persistent inflation in the services sector, particularly housing.

Given several’ 90-day pauses’ in tariff collection and technical issues collecting tariffs, tariff revenue has yet to come close to the levels required to replace the IRS, as President Trump promised. Thus, it is perhaps unsurprising that tariffs have visibly affected inflation.

Tariff revenue collected from US importers of $16 billion in April, followed by a projected $23 billion in May, post Liberation Day, is marginal in terms of the entire US economy.

Good Morning, Asia. Here’s what’s making news in the markets:

Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk’s Crypto Daybook Americas.

Bitcoin is trading below $110,000, changing hands at $109.7K, as Asia continues its trading week.

The move challenges a prevailing market narrative of summer stagnation, coming on the heels of a note from QCP Capital that emphasized suppressed volatility and a lack of immediate catalysts.

A recent Telegram note from QCP pointed to one-year lows in implied volatility and a pattern of subdued price action, noting that BTC had been “stuck in a tight range” as summer approaches.

A clean break below $100K or above $110K, they wrote, would be needed to “reawaken broader market interest.”

Even so, QCP warned that recent macro developments had failed to spark directional conviction.

“Even as US equities rallied and gold sold off in the wake of Friday’s stronger-than-expected jobs report, BTC remained conspicuously unmoved, caught in the cross-currents without a clear macro anchor,” the note said. “Without a compelling narrative to spark the next leg higher, signs of fatigue are emerging. Perpetual open interest is softening, and spot BTC ETF inflows have started to taper.”

That context makes the current move all the more surprising.

Over the weekend, Bitcoin surged 3.26% from $105,393 to $108,801, with hourly volume spiking to 2.5x the 24-hour average, according to CoinDesk Research’s technical analysis model. BTC broke decisively above $106,500, establishing new support at $107,600, and continued upward into Monday’s session, reaching $110,169.

The breakout coincides with a tense macro backdrop: US-China trade talks in London and a $22 billion U.S. Treasury bond auction later this week have injected uncertainty into global markets. While these events could drive fresh volatility, QCP cautioned that recent headlines have mostly led to “knee-jerk reactions” that quickly fade.

The question now is whether BTC’s move above $110K has true staying power, or whether the rally is running ahead of the fundamentals.

A ‘Massive Shift’ in Institutional Staking May Drive ETH’s Next Rally

Ethereum’s critics have long highlighted centralization risks, but that narrative is fading as institutional adoption accelerates, infrastructure matures, and recent protocol upgrades directly address past limitations.

“Market participants will pay for decentralization because it’s in their economic interest from a security and principal protection standpoint,” Mara Schmiedt, CEO of institutional Ethereum staking platform Alluvial, told CoinDesk. “If you look at [decentralization metrics] all of these things have massively improved over the last couple of years.”

There’s currently $492 million worth of ETH staked by Liquid Collective – a protocol co-founded by Alluvial to facilitate institutional staking

While this figure may appear modest compared to Ethereum’s total staked volume of around $93 billion, what’s interesting is that it originates predominantly from institutional investors.

“We’re really on the cusp of a truly massive shift for Ethereum, driven by regulatory momentum and the ability to unlock the advantages of secure staking,” she noted.

Central to Ethereum’s institutional readiness is the recent Pectra upgrade, a significant development Schmiedt describes as both “massive” and “underappreciated.”

“I think Pectra has been a massive upgrade. I actually think it’s been underappreciated, just in terms of the tremendous amount of change it introduces into the staking mechanics,” Schmiedt said.

Additionally, Execution Layer triggerable withdrawals—a key component of Pectra—provide institutional participants, including ETF issuers, a crucial compatibility upgrade.

This feature enables partial validator exits directly from Ethereum’s execution layer, aligning with institutional operational requirements such as T+1 redemption timelines.

“EL triggerable withdrawals create a much more effective path to exit for large-scale market participants,” Schmiedt added.

Ultimately, Schmiedt said, “I think we’ll see that a lot more [ETH] in institutional portfolios going forward.”

News Roundup

Trump Media May Be the Cheapest Bitcoin Play Among Public Stocks, NYDIG Says

Trump Media (DJT) may be one of the cheapest ways to get bitcoin exposure in public markets, according to a new report from NYDIG, CoinDesk recently reported.

As a growing number of companies adopt MicroStrategy’s strategy of stacking BTC on their balance sheets, analysts are rethinking how to value these so-called bitcoin treasury firms.

While the commonly used modified net asset value (mNAV) metric suggests that investors are paying a premium for BTC exposure, NYDIG’s Greg Cipolaro argues mNAV alone is “woefully deficient.” Instead, he points to the equity premium to NAV, which factors in debt, cash, and enterprise value, as a more accurate gauge.

By that measure, Trump Media and Semler Scientific (SMLR) rank as the most undervalued of eight companies analyzed, trading at equity premiums of -16% and -10% respectively, despite both showing mNAVs above 1.1. In other words, their shares are worth less than the value of the bitcoin they hold.

That’s in stark contrast to MicroStrategy (MSTR), which rose nearly 5% Monday as bitcoin crossed $110,000, while DJT and SMLR remained mostly flat—making them potentially overlooked vehicles for BTC exposure.

Circle Stock Nearly Quadruples Post-IPO as Bitwise and ProShares File Competing ETFs

Two major ETF issuers, Bitwise and ProShares, filed proposals on June 6 to launch exchange-traded funds tied to Circle (CRCL), whose stock has nearly quadrupled since its IPO late last week, CoinDesk previously reported.

ProShares is aiming for a leveraged product that delivers 2x the daily performance of CRCL. At the same time, Bitwise plans a covered call fund that generates income by selling options against held shares, two very different ways to capitalize on the stock’s explosive rise.

CRCL surged another 9% Monday in volatile trading, continuing to draw interest from both traditional finance and crypto investors. The proposed ETFs have an effective date of August 20, pending SEC approval. If approved, they would further blur the lines between crypto and conventional finance, giving investors new tools to play one of the hottest post-IPO names of the year.

Market Movements:

• BTC: Bitcoin is trading at $109,795 after a 3.26% breakout fueled by institutional buying, elevated volume, and macro uncertainty from US-China trade talks and an upcoming $22B Treasury auction.
• ETH: Ethereum rebounded 4.46% from a low of $2,480 to close at $2,581, with strong buying volume confirming support at $2,580 and setting up a potential breakout above $2,590.
• Gold: Gold is trading at $3,314.45, edging up 0.08% as investors watch US-China trade talks in London and a subdued dollar keeps prices attractive.
• Nikkei 225: Asia-Pacific markets rose Tuesday, with Japan’s Nikkei 225 up 0.51%, as investors awaited updates from ongoing U.S.-China trade talks.
• S&P 500: The S&P 500 closed slightly higher Monday, boosted by Amazon and Alphabet, as investors monitored U.S.-China trade talks.

Elsewhere in Crypto

Bitcoin is headed towards its largest option expiry of 2025 at around $13.8B on May 30. Just a week earlier, the OG crypto crossed its previous high of $109K and made a new all-time high.

However, over the past week, the prices have corrected by around 3%, meaning $BTC is now trading at around $108K.

The battle between the bulls and the bears has gotten intense, and we expect a great tussle between the two to keep $BTC prices above $109K.

In this article, we’ll provide a complete breakdown of the current Bitcoin option expiry scenario. We’ll also suggest the best crypto to buy now to benefit from $BTC’s potential rally.

$109K Is a Crucial Level for $BTC

Option data shows that the $109K level is the most crucial level for Bitcoin option traders. Out of the total options, $6.5B are put options. However, 95% of put options are below $109K.

So, if $BTC stays above this level, 95% of these options will expire worthless, meaning they’ll lead to a loss for bears. Short sellers were already caught off guard by Bitcoin’s 25% rally in the last 30 days.

Conversely, there are around $3.8B worth of call options up to $109K. This means that bulls will earn massive profit if $BTC holds above this level.

Institutional data shows that there was a net flow of $1.9B Bitcoin ETFs between May 20 and May 22. This proves that corporations are still buying BTC above $105K.

The only hope for bears at this point is a macroeconomic shock or news that could see Bitcoin tumble to a certain extent.

It’s worth noting that there’s also an open interest of $79B in the Bitcoin futures market with a lot of short positions. This indicates that bears are trying their best to ensure Bitcoin doesn’t sustain the $109K mark come May 30.

That said, the bulls seem to be more in control of the markets as of now. Here’s a table to help you understand.

As you can see, under all four scenarios, it is the bulls that ultimately benefit. The higher Bitcoin goes from here, the more profit bulls take home.

With just seven days left in the month, one can expect a bit of volatility in the Bitcoin market.

However, the bias is largely green, with experts having already predicted that $BTC might cross $200K by the end of the year.

If you want to ride this potentially once-in-a-lifetime opportunity, here are some top altcoins you can invest in right now.

1. BTC Bull Token ($BTCBULL) – Best Crypto to Buy Right Now

BTC Bull Token ($BTCBULL) stands out from other Bitcoin-inspired altcoins because it’s the only one offering free $BTC airdrops to its token holders.

It’s the best crypto to invest in if you want to make the most of Bitcoin’s upcoming rally without having to shell out an eye-watering sum to invest in Bitcoin itself, which is currently priced at over $108K.

Every time Bitcoin pushes through a new landmark, such as $150K, $200K, or $250K, for the first time, $BTCBULL holders will automatically receive their share of free $BTC.

It’s worth noting, though, that you must store your purchased $BTCBULL tokens in Best Wallet.

Additionally, the project will also follow a deflationary approach, meaning a part of the total token supply will be shaved off at regular intervals – every time Bitcoin’s price rises by $25K, to be precise.

A continuously decreasing token supply will ensure the demand continues to increase, which will ultimately boost the token’s trading volume and price.

To join the ‘Bull Army,’ buy $BTCBULL today. Luckily for you, the project is still in presale ($6.2M+ raised), meaning you can grab it for a low price of $0.002525.

2. Solaxy ($SOLX) – First-Ever L2 on Solana with $40M in Presale Funding

Solaxy ($SOLX) is one of the best crypto presales on the market today, and for good reason. After all, it’s set out to resolve Solana’s congestion and scalability issues.

After the successful launches of $TRUMP and $MELANIA, Solana saw an unprecedented increase in investor activity. This overwhelmed the otherwise meme coin-friendly blockchain, resulting in failed transactions.

Solaxy, however, will solve this by building the first-ever Layer 2 scaling protocol on Solana.

It will offload a huge chunk of the transactions from Solana’s mainnet onto a sidechain, thereby reducing the burden on Solana and cranking up its efficiency.

Moreover, the L2 will also execute transactions in batches – rather than one by one – which will improve Solana’s affordability, as the fees required per transaction will go down.

With Solana set to take center stage in the rapidly growing DeFi landscape, Solaxy is going to be one of the biggest beneficiaries of this movement.

Don’t miss out on possibly the next crypto to explode and buy Solaxy now for just $0.001734.

Hurry up, though, because the presale ends in around three weeks, following which $SOLX will be live on all major exchanges.

Our Solaxy price prediction suggests that the token could explode 11,500% and reach $0.20 by 2030.

3. Trump Dinner ($DINNER) – Donald Trump’s Historic ‘Crypto Dinner’ Has a Meme Coin

$DINNER is the newest addition to the list of Trump-inspired meme coins that have taken the market by storm.

As the name suggests, Trump Dinner is based on Donald Trump’s unprecedented move to invite the top holders of the $TRUMP meme coin for an exclusive dinner gala.

As per the announcement on the OFFICIAL TRUMP website, the top 220 holders of $TRUMP will be invited to Donald Trump’s private Virginia golf club.

The ‘crypto dinner,’ which has raised both appreciation and scrutiny from the crowd, is scheduled for tonight, i.e., May 24.

So, in the lead-up to it, $DINNER, a new meme coin based on the event, has painted the town red (green).

$DINNER launched just a couple of days ago and has already gained over 180,000%. It’s up close to 1,000% in the past 24 hours and shows no signs of stopping until, at least, a few days after the dinner.

That’s because, according to the aforementioned announcement, the top 25 $TRUMP holders will be invited to a ‘special tour’ and ‘private VIP reception with the President.’

DYOR Before Investing in the Best Crypto to Buy

Despite $BTC’s confidence-inspiring form, it’s worth remembering that the crypto market is rife with volatile news events and, therefore, uncertainty.

Invest carefully and ideally only an amount you’re comfortable losing. Also, kindly do your own research. This article isn’t a substitute for professional financial advice.