Bitcoin (BTC) has rebounded sharply in the last three weeks, climbing at least 25% from its April 9 low of just under $74,000 to trade above $96,500 as of early May.

The bounce has come against a backdrop of waning volatility, a drying supply of BTC on exchanges, and increasing on-chain accumulation.

Miner Metrics Signal a Bottom

Beyond the price action, Bitcoin maximalist Robert Breedlove sees a deeper story unfolding, one rooted in miner economics, long-term behavior, and global liquidity trends. According to him, BTC may be on the cusp of a major bull run, with key indicators flashing green.

In a post on X, the podcast creator spotlighted a critical metric, the average miner cost of production, which he said has historically served as a reliable indicator of market bottoms. He noted that the average miner break-even cost has often coincided with major cycle bottoms since 2016.

The premise isn’t far-fetched since assets rarely trade below their production cost in a rational market. This factor has often pushed out unprofitable miners, reducing supply and eventually pushing prices higher.

Citing data from Blockware, Breedlove stated that currently, the average market break-even line is signaling another floor, potentially setting the stage for a fresh bull run.

Another optimistic signal comes from Bitcoin’s long-term holders. These are investors who refuse to sell despite volatility. The analyst noted that over the past 30 days, such holders have accumulated an additional 150,000 BTC, creating the perfect condition for a supply shock and eventual price pump.

On-chain data shows whales purchased roughly $4 billion worth of Bitcoin in the last two weeks of April, a trend paralleled by renewed inflows into spot BTC ETFs, which saw sustained accumulation from April 17 to April 30.

Meanwhile, the amount of the flagship cryptocurrency on exchanges has fallen to a five-year low. “Bitcoin is running out of sellers in the $80K to $100K range,” Breedlove said, reinforcing the growing scarcity thesis.

Liquidity Can Spur BTC Boom

Further supporting his sunny outlook is a macroeconomic backdrop that’s becoming quite favorable for BTC. The market watcher drew attention to the cryptocurrency’s high correlation with the U.S. dollar and global fiat liquidity, a point often harped on by former BitMEX CEO Arthur Hayes.

With central banks easing controls and rising global liquidity, the “What is Money” host expects more capital to flow into risk assets, including crypto.

According to Breedlove, the rise of ETFs, institutional custody solutions, and BTC-backed financial products has only amplified this effect, making it easier for new money to flow into crypto.

“Bitcoin is highly correlated to fiat liquidity – and that’s becoming increasingly more of the case as ETFs, Bitcoin Treasury Companies, and Convertible Bonds, provide easier access for new liquidity to enter the Bitcoin market.”

This week, we examine Ethereum, Ripple, Cardano, Solana, and Hype in greater detail.

Ethereum (ETH)

This week, Ethereum continued to hover under the key resistance at $1,825 and closed with a 3% price increase. Sellers appear determined to keep ETH under this level after they rejected any attempts at an escape several times.

While momentum appears bullish, the volume is making lower highs. This lack of conviction from buyers allowed bears to have the upper hand and prevent a breakout. Nevertheless, pressure is building up under the key resistance, which may be put to the test again.

Looking ahead, if ETH is able to follow Bitcoin, which has been making higher highs lately, it will only be a matter of time before the current resistance folds and bulls target $2,000 as the next major level on the chart.

Ripple (XRP)

XRP closed the week in a neutral position, with less than a 1% gain compared to seven days ago. This shows some hesitation from buyers, who may be distracted elsewhere.

To regain momentum, this cryptocurrency needs to reclaim the $2.3 level as support and build a strong foundation towards $2.6 next. Failure to do so would create an opening for sellers to take XRP back to the $2 support.

Looking ahead, the asset remains in an uptrend, but the price action and volatility have declined. Buyers need to show their presence on the orderbook to avoid a re-test of the $2 support.

Cardano (ADA)

ADA is consolidating above the $0.64 support and closed the week with a 2% loss. This lack of momentum could encourage sellers to re-test the current support.

To return on the offensive, buyers need to take this cryptocurrency above $0.8. That would establish a higher high and give the price a good chance to touch the $0.9 resistance or even $1.

Looking ahead, ADA appears to be taking its time before considering its next major move. While this consolidation is healthy, buyers need to step up. Otherwise, the lack of momentum could be interpreted as bearish.

Solana (SOL)

Solana fell by 3% this week after it failed to break the key resistance at $152 twice. Buyers tried their best, but they were rejected every time, as sellers returned to stop any advance.

If SOL is unable to turn $152 into a key support, then the price will have no alternative but to fall towards $130 into a pullback. The decreasing volume and a possible bearish cross on the daily MACD support this possibility.

Looking ahead, SOL could experience a short-term corrective move before higher levels. Sellers appear more active at this time, which could see this cryptocurrency fall more in May before new highs.

HYPE closed the week with a 7% price increase, making it the best performer on our list. This comes after the price broke the resistance at $19 and rushed towards $21.

Sellers stopped the advance at the $21 resistance, and HYPE has been unable to break this level so far. Nevertheless, as long as the price remains above $20, buyers have an advantage, and they will likely try again soon.

Looking ahead, this cryptocurrency remains in a strong uptrend that dominated the chart since early April. If $21 falls as well, HYPE could go to $23 next. If the $21 resistance continues to hold back buyers, then a pullback becomes more likely.

Movement Labs has suspended co-founder Rushi Manche following revelations of a dubious market-making deal that led to a $38 million token dump, a Binance and Coinbase trading ban, and widespread investor backlash.

What was at first presented as a standard liquidity agreement has unraveled into a tale of alleged deception, opaque middlemen, and internal breakdowns that now threaten the credibility of Movement’s native MOVE token.

The Deal That Went Wrong

The trouble stems from a deal between Movement Foundation and a third-party entity named Rentech, reportedly fronted by Singapore-based financier Galen Law-Kun. According to leaked contracts and internal messages obtained by CoinDesk, Rentech was supposed to facilitate liquidity provisioning for MOVE through Chinese market maker Web3Port.

It led to a decision to transfer 66 million MOVE tokens to the little-known firm, amounting to about 5% of the circulating supply. This was done under terms legal experts have since called “unusual” and “reckless.”

For instance, one of the provisions allegedly allowed Web3Port to liquidate tokens if MOVE’s valuation hit $5 billion, splitting profits 50/50 with the Movement Foundation. According to analysts, this created a pervasive incentive to pump and dump.

Predictably, on MOVE’s launch on Binance on December 9, 2024, wallets linked to Web3Port reportedly began unloading their holdings, triggering a $38 million sell-off. Consequently, the token’s price plummeted, causing Binance to ban the implicated market maker for alleged breach of contract.

The exchange also informed the Movement team of the situation, with the foundation claiming it had been unaware of Web3Port’s activities and immediately cutting ties with the firm.

Following the CoinDesk scoop, Coinbase announced it would suspend MOVE trading on May 15, claiming the token had failed to meet its listing standards. The exchange has moved order books to limit-only mode, further tightening the noose on what has become a reputational disaster for all parties involved.

Manche Under Investigation

YK Pek, the foundation’s general counsel, had initially slammed the proposal between Movement and Rentech, calling it “the worst deal I have ever seen.” Still, a revised version was signed, raising questions about who pushed it through.

Co-founder Manche is said to have circulated the Rentech deal internally and has since been placed on administrative leave pending a third-party investigation led by Groom Lake. Movement Labs confirmed his suspension in a brief statement on X:

“This decision was made in light of ongoing events and as the third-party review is still being conducted by Groom Lake regarding organizational governance and recent incidents involving a market maker,” read the post.

However, the 22-year-old claims he was duped by someone within the foundation, with insiders reportedly pointing to unofficial advisor Sam Thapaliya as a major influence behind the scenes.

The Zebec founder, who denies having any formal involvement in the deal, was not only copied on important emails but was also allegedly present at Movement’s San Francisco office during the chaotic token launch.

Following Manche’s suspension, MOVE’s price dropped by more than 27%, going from an intraday high of $0.2543 to a new all-time low of $0.1848.