Just a month and a half ago, this article would have made no sense when BTC’s price tumbled below $75,000 and the main speculations within the community turned on whether the bull run had abruptly ended.

Yesterday, bitcoin’s price stood at $30,000 higher, and it came just 2% away from breaking its all-time high from January. It sits slightly lower now, but there’s something in the air that suggests a new peak is coming. Let’s see what on-chain data and some technical indicators will say about that.

The Bull Case

We begin with large accumulations. After all, prices tend to rise if there’s more buying momentum, right? Lookonchain listed a number of whales that have gone on an accumulation spree in the past few days, purchasing in total over $250 million worth of BTC.

Many whales are accumulating $BTC!

bc1qcp withdrew another 1,350 $BTC($141.91M) from #Binance 8 hours ago and currently holds 20,723 $BTC($2.19B).

bc1qpu (linked to Abraxas Capital) withdrew 675 $BTC($71.03M) from #Kraken 7 hours ago and currently holds 1,797 $BTC($190.11M).

A… pic.twitter.com/Jccvs4xhvK

— Lookonchain (@lookonchain) May 20, 2025

The accumulation group is typically led by Michael Saylor’s Strategy, and the world’s largest corporate holder of bitcoin didn’t disappoint this week. On Monday, the NASDAQ-listed company announced the latest purchase of BTC, worth three-quarters of a billion. Metaplanet also joined the pack by acquiring over 1,000 BTC for $104 million.

In the same context, it’s also worth exploring the ETF inflows, which have been in the green for most of the past month. In fact, there have been only four red examples since April 14 out of 25 trading days. According to data from Farside, the value of net inflows has surged past $3.3 billion since May 1.

Finishing off the accumulations with data from Glassnode, which reads that (almost) all sorts of BTC wallets have been buying recently – it’s not just whales and corporations.

Accumulation is now visible across nearly the entire wallet spectrum. Even <1 $BTC holders have flipped from distribution to light accumulation (~0.55), joining larger cohorts like 100–1K (~0.9) and 1K–10K #BTC (~0.85). Only 1–10 #BTC remain net sellers. pic.twitter.com/C4C9ZLlwNs

— glassnode (@glassnode) May 19, 2025

The fifth bullish signal for bitcoin comes from a slightly different perspective, as the overall market sentiment has switched to more positive ground. This is evident from the growing number of BTC leaving exchanges and the MVRV ratio, which is far from the peak levels.

The Bearish Side

When there are bulls, there have to be some bears, right? Well, their narrative receives support from the daily RSI, which has gone into an overbought territory, according to data shared by Ali Martinez.

#Bitcoin $BTC is currently trading in overbought territory, according to the daily RSI; a potential signal for short-term caution. pic.twitter.com/frK8sYUjyX

— Ali (@ali_charts) May 19, 2025

The popular analyst shared another worrying sign for BTC’s future price movements as miners, the backbone of the world’s largest blockchain network, have gone on a selling spree in the past day or so, disposing of over $250 million worth of the asset.

Miners sold over 2,400 #Bitcoin $BTC in the last 24 hours, valued at roughly $252 million! pic.twitter.com/ZritGe3cw9

— Ali (@ali_charts) May 19, 2025

Bitcoin is currently seeing an interesting trend being played out. In fact, new data suggest that buying sentiment remains favorable for further upside, implying it may be premature to consider exiting.

Though it’s hard to pinpoint when Bitcoin might top its previous high, the current on-chain and market data signals remain very “constructive.”

Bitcoin Rally Looks Different This Time

According to a new report from CryptoQuant, Bitcoin’s recent price rebound shows signs of strength without the usual indicators of market overheating. In previous cycles, every time Bitcoin hit a new all-time high, Binance recorded a sharp spike in both market buy volume and funding rates. These surges were typically followed by significant corrections as the market cooled off, as seen clearly in the first two major rallies of this cycle.

However, the latest rebound appears different. As Bitcoin approaches previous highs once again, funding rates remain stable, and market buy volume on Binance is actually declining. While some may view this as a lack of momentum, CryptoQuant suggests it reflects a more sustainable, healthy rally.

Unlike the earlier overheated rallies that triggered sharp corrections and mass investor exits, the current trend shows that the market remains relatively light and cautious. Despite improved sentiment, on-chain data indicates that buying pressure is increasing gradually rather than surging all at once. In fact, market buy volume has shown a steady upward trajectory since 2023, which is indicative of continued bullish interest.

As such, the underlying data – from funding rates to buy volumes – supports a constructive market outlook while the absence of overheating further suggests this rally may be more durable than previous ones.

Bitcoin Primed for June Rally?

As reported by CryptoPotato earlier, Bitcoin’s Realized Capitalization has reached a record $906 billion, which reflects rising investor confidence and strong on-chain fundamentals. The metric has increased for four consecutive weeks.

Since May 8, Bitcoin has attracted $14.4 billion in new capital, with large holders (100-1,000 BTC) increasing their combined balance by 122,540 BTC – a 2.2% rise. While most institutional ETFs remained cautious, BlackRock expanded its holdings by 10,302 BTC. This sustained capital inflow may set the stage for a breakout, especially if Bitcoin manages to retain the $104,731 resistance. The next target could be $107,757.

Meanwhile, improving tech earnings, reduced AI capex fears, political optimism under Trump, and upcoming FTX payouts are some of the factors that could help Bitcoin into a strong June rally.

TL;DR

• Analysts see signs of a major Dogecoin breakout, with one eyeing $0.30 after a successful trendline retest and another forecasting a surge to $1.

• Whales have scooped up over one billion DOGE in 30 days, while outflows from exchanges signal growing investor confidence and reduced immediate selling pressure.

DOGE Price Explosion Incoming?

The biggest meme coin has been among the best-performing leading cryptocurrencies in the past month. It currently trades at around $0.22 (per CoinGecko’s data), which is a retreat from its local top but still represents a 42% increase for the period. 

Some industry participants believe the rally has yet to reach new dimensions. The X user Maximalist observed Dogecoin’s chart to suggest that the price is “about to absolutely explode to the upside.” The analyst envisioned a pump toward a new all-time high of $1. 

For their part, Crypto General claimed the meme coin “has given a big breakout.” They suggested that the next uptrend might start once the price retests the trendline of $0.23.

Ali Martinez also chipped in. He presented a somewhat bearish forecast for the short term, assuming that DOGE might head south to $0.213.

Just a few days ago, though, he pointed out three important factors that indicate the price might jump soon. Those include the rise in active addresses, transaction volume, and whale activity. “All bullish signals that could support further upside,” he said. 

Large investors have been particularly active, accumulating more than one billion DOGE in the span of 30 days. According to Martinez’s chart, those holding between 100 million and one billion coins possess almost 26 billion tokens, constituting 17.5% of the asset’s circulating supply. 

When whales buy large amounts of DOGE, it signals strong confidence, which can attract attention from smaller investors. This increased demand might push the price up, creating positive momentum in the market.

Abandoning Exchanges

Over the past several weeks, daily exchange netflows have been mostly negative, suggesting a potential shift by investors from centralized platforms toward self-custody solutions.

Although this development can’t be labeled as entirely bullish, it reduces immediate selling pressure, which could contribute to a potential rally in the near future.