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On May 22, known as “Bitcoin 
$101,542 Pizza Day,” Bitcoin reached a historic high of $111,861. This momentous occasion not only marked an unprecedented level for the cryptocurrency but also provided a glimpse into investors’ optimistic expectations for the future. Despite the bullish trend fueled by a remarkable increase in trading volume of over 100% in recent days, technical indicators show no signs of overheating. This suggests that Bitcoin could maintain a healthy upward trajectory, potentially reaching new peaks by the end of the month.
Bitcoin Pizza Day’s Historic Milestone
On Bitcoin Pizza Day, Bitcoin achieved a milestone by hitting its highest point. For those unfamiliar, this day commemorates the anniversary of the first tangible item purchased with BTC in 2010. Following this peak, downward pressures on the price proved weaker than expected, driving investors towards strong optimism regarding short-term market movements. Various technical analysis models, including fractals, indicate that Bitcoin’s current bull run is still in its early stages.
Technical Indicators Suggest a Healthy Climb
Bitcoin’s recent price increase, particularly a 75% surge in the last 24 hours and over 100% in the previous days, was bolstered by a noteworthy rise in trading volume. Despite this robust momentum, some technical indicators that typically hit overbought levels remain “cool.” This unexpected coolness signals the possibility of a significant price movement in the near future.
Notably, the “Funding Rate” paid for long positions in the futures markets has not yet reached the peaks observed in previous strong rallies. This suggests that the market has not overheated, keeping the threat of a speculative bubble at bay.
Whales and ETFs Provide Assurance
Another critical metric, “Short-term Capital Inflow,” presents an intriguing picture. This indicator, which reflects the proportion of BTC traded within a week to a month, shows a slower increase compared to previous peaks. This indicates that despite the rise, the market remains relatively stable and avoids overheating.
Historically, during sharp corrections, like those in March 2024, short-term investors typically capitalized on price spikes by realizing profits. In the current rally, profit-taking is significantly lower than observed in November 2024. Both major investors, known as whales, and individual investors demonstrate reluctance to realize profits, suggesting strong expectations for even greater upside potential.
Moreover, the volume of BTC held in spot Bitcoin ETFs has reached an all-time high. Both institutional and individual investors’ increasing presence in these funds significantly bolsters the market’s overall bullish trend. The rise in BTC within ETFs indicates that the market remains in a healthy growth phase with potential for higher price levels in the coming days.
