Key results:

• The price of bitcoins maintains a stubborn shoot, but the sentiment indicator suggests that the market can overheat.

• The data emphasize Bitcoins traders accepting profits and a divorce market at an angle in terms of long.

• Analysts warn against potential miniature -term correction, especially if gold weakens or seasonal trends.

Optimism has returned to cryptographic markets, and many traders believe that the price of Bitcoin (BTC) is on the road to the modern maxima of all time. In just a month, Bitcoin increased by 39%, briefly exceeding the $ 105,000 sign. According to Glass knot Analysts: “There are signs of renovated market force, and the market trades within the system dominated by profit.”

Despite this, not everyone is convinced that the rally will still be uncounted. Some investors are already accepting profits, pushing Cap Bitcoin to the highest level of the highest level of $ 889 billion. Even more profit is expected at USD 106,000.

Historically, euphoric market moods often led to consolidation periods – and even edged corrections. This risk can grow, especially as gold, whose price of Bitcoin strictly reflected in recent months, shows signs of fatigue and can face the correction itself.

Most investors returned to profit

According to Glassnode, the recent Bitcoin rally returned over 3 million BTC to the income state. This change regained the revenues of capital, which exceeded $ 1 billion a day, which suggests mighty interest on demand side and the market is ready to consume sales pressure. Even the majority of miniature -term submarines from the peak of December 2024 have obtained green wallets.

This relief, both financial and psychological, already translates into the behavior of expenses. The net difference between the amount of transfer of miniature -term profits in comparison compared to the loss has fallen to +20% -no remarks by -20% observed during the surrender phase at the end of April.

The trust of institutional investors is also reflected. According to the last three weeks, over $ 5.7 billion according to Bitcoin ETF, according to Kinglas. Total assets conducted within ETF in an American place have now increased to over 1.26 million BTC, the modern highest all time.

Are cryptographic traders now also euphoric?

With such a gigantic rush it is straightforward to imagine a shot in the moon. But the same momentum can be caused by caution. Open interest in BTC It increased to $ 68 billion, near the highest levels, which indicates a strongly set market. In such conditions, even a petite catalyst can cause a prevailing movement – up or down.

André Dragosch, head of research at Bitwees Asset Management, warned that Bitcoin could overtake himself a bit. He Published The internal indicator of the Bitise cryptoasts, which has reached the highest level from November 2024, an index, which includes 15 subgroup covering sentiments, flows, Onchain data and derivative instruments (such as continuous financing and the Put-Call volume indicator), currently shows the switched market.

In the comments to Cointelegraph he told Dragosch,

“The latest readings suggest that market moods have been overheated and positioning seems to be unilateral on the long side. It tends to signal the increased risk of temporary reimbursement of the Bitcoins price and that the current rally can take a break.”

However, Dragosch remains “structurally constructive” until the end of 2025, citing further BTC accumulation by corporations and the ECtHold, which still exhaust the balances on the dimensions of bitcoins.

Related: The Governor of Arizona kills two cryptographic bills, breaks down Bitcoin ATMs

PStentative winds on the cryptographic market

A few risks may challenge Bitcoin in a miniature period.

In the case of BitWise Direc Investment, Matt Hougan re -regulatory uncertainty is the most significant problem, especially after the Senate got stuck in Stablecoin last week.

There may also be wider market behavior. From March 2025, Bitcoin showed a stronger correlation with gold than with shares. This change took place after dramatic changes in the US policy, which seemed to direct capital towards politically neutral resources: both Bitcoin and Gold increased by 22% (the latter since 13% profit). At the same time, S&P 500 and Nasdaq-100 simply claws earlier losses.

This discrepancy lasts on shorter time frames. From May 12, the main US indicators gained from 3% to 4% of positive changes in US-Chin trade relations, but Bitcoin was barely approaching. Meanwhile, gold began to print lower ups – a potential early signal of the inheritance, like excellent Analyst Michael van de poppe. If the gold enters the corrective phase, Bitcoin may follow in their footsteps.

Seasonality can also play a role. The saying “sell in May and go” has some historical support. As the analyst Daan Crypto trades excellentMay was usually a green month for Bitcoin (on average over 8%), while June and September are often the worst months. As he put it,

“Seasonality is never something that you can base your decisions on, but maybe you can do well. Many investors watch the same thing.”

Whether this rally has more space to start – or is caused by breath – can soon test.

This article does not contain investment advice or recommendations. Each investment and commercial movement involves risk, and readers should conduct their own research when making decisions.