Bitcoin’s price recovery tour took it to a multi-day peak of $64,500 yesterday, but the asset failed to continue upward and has retraced by over a grand since then.

Most larger-cal alts are slightly in the red on a daily scale, with TON, ADA, and SHIB declining by 2-4%.

BTC Stopped at $64.5K

The start of May was quite painful for the bitcoin bulls as the cryptocurrency slumped hard after failing to pump above $65,000 a day earlier. The massive correction drove the asset to its lowest price tag in over two months of $56,500.

The Fed’s refusal to raise the interest rates any further brought more volatility, as BTC pumped and dumped by $2,000 in minutes on Wednesday afternoon. Only then started the gradual price recovery as bitcoin jumped to $59,000 by Friday.

The bulls initiated another leg up then that drove the asset to and beyond $62,000. This increase culminated yesterday with an increase to a multi-day high of $64,500.

However, bitcoin failed to overcome that level and has retraced by more than $1,000 since then. Still, it trades above $63,000 and its dominance over the alts has neared 51%. In contrast, its market cap has declined to $1.244 trillion on CG.

DOGE Keeps Rising

The largest meme coin – Dogecoin – was among the top performers yesterday and it has only doubled down on its run. DOGE has jumped by another 6% in the past 24 hours and now trades at $0.16.

The other impressive gainer from the top 36 alts is RNDR, which has soared to $9 after an 8.5% daily increase. AVAX, LINK, and NEAR are also in the green.

In contrast, TON, SHIB, and ADA have declined by somewhere between 2-4%. ETH, BNB, SOL, and XRP are also in the red but in a less painful fashion.

The total crypto market cap has declined by around $40 billion since yesterday’s peak and is now down to $2.450 trillion on CG.

A former executive of the European arm of the bankrupt cryptocurrency exchange FTX has bought a gold pocket watch recovered from the Titanic wreck for £1.175 million ($1.5 million), the largest sum ever spent on any piece from the memorable incident.

According to a Wall Street Journal report, German fintech entrepreneur and former head of FTX Europe Patrick Gruhn bought the 14-karat gold watch last Saturday from the English auction house Henry Aldridge & Son, a leading seller of Titanic memorabilia.

Former FTX Exec Buys Titanic Gold Watch

The pocket watch belonged to American property mogul John Jacob Astor IV, who sank with the ship after his pregnant wife, Madeleine Astor, was rescued in a lifeboat. Astor, the richest passenger aboard the Titanic, was returning from a honeymoon in Europe with his wife when tragedy struck in 1912.

Astor’s body was found a week after the Titanic sank by a steam vessel’s crew. The items found on his body included a gold watch, a gold pencil, a diamond ring, a gold buckled belt, and gold cufflinks. Astor’s son, Vincent, kept the watch for a while before giving it to the son of his late father’s secretary, whose family eventually sold it to John Miottel, a private collector, in the 1990s.

Miottel’s collection auctioned the watch last week, and Gruhn bought it for his wife, Maren Gruhn, revealing they would display the item, engraved with Astor’s initials, in U.S. museums.

“We want people in the U.S. to be able to see and admire this historic relic,” said the former FTX executive.

Gruhn further revealed that he felt connected to Astor because their families left Germany for the U.S. in search of wealth.

FTX Dropped Lawsuit Against Gruhn

Gruhn spearheaded FTX’s European arm until the global entity went bankrupt in November 2022. CryptoPotato reported a few months before FTX’s implosion that Gruhn and the disgraced founder Sam Bankman-Fried (SBF) were working towards establishing a regional headquarters for the exchange in Dubai.

Following the exchange’s collapse, the firm’s bankruptcy estate filed a lawsuit against Gruhn and other former executives to recover $323 million SBF spent in acquiring the Swiss company that became FTX Europe on the basis that the founder overpaid. However, the case was dropped in February, with the former executives agreeing to buy back the European assets for roughly $33 million.

Bitcoin’s price has been going through some major moves throughout the past couple of weeks. The bulls are fighting to reestablish their dominance, staging a convincing recovery above $60K. But will it last?

Technical Analysis

By TradingRage

The Daily Chart

The price has been oscillating inside a descending channel on the daily chart for the past couple of months. The channel was briefly broken to the downside a few days ago.

However, BTC quickly rebounded and climbed back inside the channel, making a fake bearish breakout. With the $60K level also turning into support, the price will likely target the $68K resistance level in the short term.

The 4-Hour Chart

Looking at the 4-hour chart, it is evident that the price has quickly recovered from below the channel and the $60K level. The midline of the descending channel is now the next target.

Meanwhile, with the RSI approaching the overbought zone, the price might experience a pullback soon. The continuation of the bullish trend is dependent on whether the price can finally break the channel to the upside.

On-Chain Analysis

By TradingRage

Bitcoin Miners Position Index

While Bitcoin’s price has been trading below the $75K level, many market participants have been offloading their coins as they assume that the bull market might be over or a much deeper pullback is probable. However, miners are not in this group.

This chart demonstrates the Miners Position Index (MPI) metric. It measures miners’ selling pressure. Values above 2 can be considered dangerous, as they show massive destruction by the miners.

As the chart depicts, the MPI has been dropping rapidly over the last few months. This is a good sign, as the Miners’ selling pressure is declining. Thus, with sufficient demand, Bitcoin’s price can once again begin a rally toward $80K and even higher prices.