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Bitcoins (BTC) price strived to hold above $70,000 on May 22 as Glassnode analysts suggested that the pioneer cryptocurrency is preparing for a bigger move to the upside.

Data from Cointelegraph Markets Pro and TradingView show that Bitcoins price has been steadily ascending after an extended downtrend from all-time highs. During this drawdown, BTC markets experienced periods of intense distributive pressure, which pulled its price to a low of $56,500 on May 1, the lowest since March 5.

Recent reporting from Glassnode notes that Bitcoins recent recovery to $71,000 is due to slowing sell-side pressure and compression of volatility, even as most key on-chain metrics tend toward an equilibrium.

Using the Supply Last Active Age Band metric, Glassnode analysts noted that the one-year and two-year cohorts experienced a large decline over the last two months. The 3y+ cohort continues to increase, suggesting this group is generally waiting for higher prices before parting ways with their coins.

Meanwhile, the Long-Term Holder (LTH) Binary Spending Indicator has been declining over the last few weeks, suggesting decreased distribution pressure.

Glassnode analysts also observed that a local divergence was starting to develop between LTH and STH Supply, adding weight to the case that there is a cooling off of distribution pressure across mature investors.

Bitcoins price recovery from the $56,500 low appears to have reset the price valuations and investor expectations on a longer-term market outlook based on various criteria. According to the Glassnode report, key on-chain metrics have rebalanced, suggesting a massive upside movement for BTC.

The firms on-chain data reveals that while new capital flowing into the Bitcoin network has slowed down considerably from its all-time highs, its realized cap is still positive enough to stimulate price action.

Using the Sell-Side Risk metric to monitor volatility, Glassnode analysts evaluated the total value locked in by coins spent on-chain (Realized Profit + Realized Loss) in relation to the size of the asset class (Realized Cap). They found that the Sell-Side Risk Ratio has declined significantly over recent weeks, suggesting that the market has found a degree of equilibrium over the course of this correction.

Glassnode concludes that while an intense period of mature investor distribution followed Bitcoins run toward the $73,835 all-time high, sell-side pressure has markedly declined.

The report noted that this has led to a reduction in headwinds and overhead resistance, with even modest demand able to stimulate positive price action.

Bitcoins May 1 flash crash to $56,500 was followed by a sharp recovery above $60,000, a level it has held above since then. Popular trader and analyst, Daan Crypto Trades said,

Data from on-chain data provider IntoTheBlock reinforced the importance of this level. Its In/Out of the Money Around Price (IOMAP) model showed that two significant support lines sat above the $60,000 mark. They lay between the $61,553 and $67,860 price range, where approximately 1.5 million BTC were previously bought by 3.66 million addresses.

This demand area is robust enough to produce the buying pressure required to push the price higher.

Another analyst Ali Martinez shared the following chart in the X social platform showing MVRV Pricing Bands and said,

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Bitcoin price preps for 'bigger move' as on-chain metrics 'reset' - Cointelegraph

Illustration : Maksim Zakharau ( Getty Images )

On January 3, 2009, Bitcoins creator, Satoshi Nakamoto, mined the first block of the Bitcoin blockchain, known as the Genesis Block, which contained a reward of 50 Bitcoin. The technical foundations of Bitcoin were being established at the time, but the currency did not have any real-world value.

That changed on May 22, 2010, when Laszlo Hanyecz, a Florida-based programmer, offered 10,000 bitcoins to anyone who would order him two pizzas from Papa Johns.

Hanyecz wrote on the Bitcoin Talk forum: Ill pay 10,000 bitcoins for a couple of pizzas.. like maybe 2 large ones so I have some left over for the next day. I like having left over pizza to nibble on later. You can make the pizza yourself and bring it to my house or order it for me from a delivery place, but what Im aiming for is getting food delivered in exchange for bitcoins where I dont have to order or prepare it myself, kind of like ordering a breakfast platter at a hotel or something, they just bring you something to eat and youre happy!

He further added what toppings he likes: I like things like onions, peppers, sausage, mushrooms, tomatoes, pepperoni, etc.. just standard stuff no weird fish topping or anything like that. I also like regular cheese pizzas which may be cheaper to prepare or otherwise acquire.

If youre interested please let me know and we can work out a deal.

Read the rest here:
Bitcoin Pizza Day celebrates the time a man spent $650 million on pizza - Quartz

Trading volume of derivatives on the popular cryptocurrency XRP has increased by 60% in the last 24 hours, according to the latest data fromCoinGlass. This notable growth was primarily due to a significant increase in the turnover of perpetual XRP futures, which reached a whopping $2 billion. Simultaneously, on the spot market, the trading volume of XRP increased by 18.40% to reach $1.75 billion.

Combined, these figures brought the total turnover ofXRP on centralized platforms to a staggering $3.75 billion in a single day. Given that the token's market capitalization is $29.5 billion, trading volume is now approximately 12.71% of the total value, indicating a high level of trading activity.

In addition, theprice of XRP againstBitcoin rose by more than 3% today: the cryptocurrency is now trading at 0.00000785 BTC. In dollar terms, this growth is characterized by the fact that XRP rose in price by more than 3%, while Bitcoin fell by 1.26%.

This divergence is largely due to the recent market decline, which has seen positions worth $119.85 million liquidated in the last few hours.

XRP's positive momentum is fueled by Coinbase's decision to add a token to its platform, a move that will make the cryptocurrency available to New Yorkers for the first time since its removal in 2021 amid Ripple's legal battle withthe SEC. This development has significantly boosted XRP's market presence and trading activity.

Read more:
XRP Skyrockets 60% in Volume as XRP Price Outperforms Bitcoin - U.Today

Bitcoins14% surge over the past week has convinced traders that it could be the real deal market pump with another correction not expected until it reaches $90,000.

I believe this is the real deal market pump as fundamentals and technicals are providing confluence, pseudonymous crypto trader Roman told Cointelegraph.

They explained Bitcoins price decline from its all-time high of around $73,738 to a 21% drop to $58,000 on May 2, was a much-needed correction for higher prices in the future.

Roman pointed to the bullish reversal pattern seen on the Bitcoin (BTC) price chart this week as a strong indicator that it wont drop into another consolidation period until it surpasses its March 12 all-time high of $73,679 by at least 20%.

I think we will move to at least $90,000 to $100,000 before we see another consolidation period or correction, they declared.

The bullish reversal pattern was signaled by a spinning top candlestick near the downtrends bottom on May 20, closing at $66,278, according to CoinMarketCap data.

Bitcoin was trading at $70,140 at the time of writing.

Bitcoins recent price spike comes amid heightened speculation the United States Securities and Exchange Commission (SEC)could be moving to approve spot Ether (ETH) exchange-traded funds (ETFs), which analysts and the broader community have doubted over the past few weeks.

The market sentiment took a positive turn as a result, with the Crypto Fear and Greed Index shooting up by 12 points in just 24 hours, reaching an Extreme Greed score of 76 on May 21.

The positive sentiment spike came after reports the SEC had urged Ether ETF applicants to speed up their 19b-4 filings on May 20.

Ledn chief investment officer John Glover was surprised at how the speculation impacted Bitcoins price.

It makes complete sense that ETH jumped higher on this news; it is interesting to me that this brought BTC price up along with it as there should be zero impact on BTC demand from an SEC approval for ETH, Glover told Cointelegraph.

Related: Bitcoin shorts worth $1.4B at risk of liquidation if BTC price hits $74.3K

Glover anticipated there might be some volatility before reaching new record highs.

I would guess we see some profit taking in the market, which will push BTC prices down from the $71,000 level in the coming days as well, Glover said.

Despite the positive shift in market sentiment, crypto traders are bracing for a slight dip in Bitcoins price before it continues its upward trend, according to CoinGlass liquidation data.

Even a slight 1% spike to approximately $71,000 would wipe around $766.73 million in short position liquidations. On the flip side, a 1% drop to about $69,400 would clear $101.54 million in long positions.

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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Read more:
Bitcoin's recent price move is the 'real deal market pump' to $90K - Cointelegraph