The current Bitcoin rally is showing a stable upward trend without overheating, which is expected to develop into a more healthy bull market.
According to a recent report by CryptoQuant, Bitcoin's price rebound is showing a solid upward trend without market overheating. In previous cycles, whenever Bitcoin reached a new all-time high, Binance's market buying volume and funding rates would rise sharply, leading to significant corrections during market cooling periods.
However, this rally is showing a different pattern. Despite Bitcoin approaching its previous high, funding rates remain stable, and Binance's market buying volume is actually decreasing. While some might interpret this as a lack of momentum, CryptoQuant analyzed that this phenomenon actually indicates a more sustainable and healthy upward trend.
Unlike previous rallies that showed overheating and triggered sharp corrections and large investor exits, the current market appears relatively stable and cautious. On-chain data shows that buying pressure is increasing gradually rather than rushing in all at once, and market buying volume since 2023 has maintained a steady upward trend, reflecting continued bullish interest.
Meanwhile, Bitcoin's realized market capitalization has reached a record high of $906 billion, demonstrating increased investor confidence and robust on-chain fundamentals. Since May 8th, $14.4 billion in new funds have flowed in, and large holders (100-1,000 BTC) have additionally purchased 122,540 BTC, increasing their holdings by 2.2%. While most institutional ETFs remain cautious, BlackRock has additionally purchased 10,302 BTC.
Improvements in tech stock performance, reduced concerns about AI capital expenditure, political optimism related to Trump, and FTX compensation payments are expected to support Bitcoin's strength in June. Particularly, if Bitcoin maintains the 104,731 dollar resistance level, it may be possible to break through the next target of 107,757 dollars.
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