momentum

10x Research released a report stating that the momentum of altcoins is fading in the early stages, while Bitcoin still dominates, and trading volume has declined again. The upward momentum of altcoins is hindered by the 30-day moving average, failing to break through; if it falls below this moving average, long positions should be closed.The report indicates that the best current positions are BNB (Grayscale ETF application, Coinbase roadmap, etc.) and TRX (Tron actively repurchasing treasury assets, Moscow Exchange launching the MOEXTRX index). Potential profit-taking may occur in: SUI (up 21% this week, CME futures launching on May 29, $143 million treasury staking), ONDO (up 18.4%, collaborating with JPMorgan and Ripple for the first tokenized treasury redemption, part of the infrastructure being built), TON (down 14%, due to security controversies and trust concerns triggered by the deletion of a well-known Telegram account). Avoid ETH, HYPE, TRUMP, MKR. HYPE dropped 9.9% after the ETF launch, a typical case of "buy the expectation, sell the fact."The report also lists three major catalysts for this week: the hearing on the "Clarity Act," Powell's power transition to Waller, and CPI/PPI data.

According to a report by Cryptopolitan, a market report released by Wintermute indicates that Bitcoin's breakthrough of $80,000 is primarily driven by a short squeeze in the perpetual futures market, rather than by spot demand. Over the past month, Bitcoin futures open interest has increased by about $10 billion to $58 billion, while spot trading volume has dropped to a two-year low. When Bitcoin surpassed $70,000, a large number of shorts were forced to close their positions, triggering a buying spree that pushed prices higher. Wintermute warns that the rally, lacking support from spot demand, is fragile, and the market may face a sharp reversal.In the long term, recent net inflows into spot ETFs have reached $623 million, and the exchange's Bitcoin inventory has fallen to a seven-year low, but these factors are not enough to offset short-term risks. The U.S. CPI data being higher than expected and the uncertainty surrounding the nomination of the Federal Reserve Chair may also exacerbate market pressures. Wintermute states that $85,000 is still a possibility, but the risk-reward ratio for buying at the current price level is poor.

Despite Bitcoin's pullback of about 2.5% since reaching a peak of $82,800, market analysts generally believe that its overall upward structure remains intact and has re-entered the "full bull market momentum" range. Swiss wealth management firm Swissblock pointed out that Bitcoin has re-entered the price expansion range, the Bull Market Support Band has turned into support, and the 21-week EMA has crossed above the 20-week SMA, with the trend structure turning bullish again. Currently, Bitcoin's price is consolidating around $80,000, where the "real market average" and short-term holding costs constitute key support, while the realized price around $85,000 forms an upper pressure zone.Whale and institutional-led spot buying are strengthening, while the proportion of derivative speculation is decreasing. Similar structures historically correspond to sustainable upward trends. If this indicator continues to maintain positive values, it may further drive Bitcoin to continue its upward cycle. In terms of liquidity, the Stablecoin Supply Ratio (SSR) has rebounded from historical lows to a key range, indicating that stablecoin funds are flowing back into the market. This signal has corresponded to phase bottom rebounds in mid-2021, 2022, and mid-2023. Meanwhile, the Binance stablecoin supply ratio oscillation indicator (SSR Oscillator) has risen to 2.8, reaching a 12-month high, showing a significant increase in stablecoin purchasing power.On-chain activity is also strengthening. Bitcoin's daily transaction volume has increased by 116%, reaching 831,400 transactions, a 20-month high; the number of active addresses has increased by 7.1% to 707,700, and total transaction fees have grown by 37% to $279,300, indicating a significant increase in network usage activity. In terms of funding structure, the 90-day spot Taker CVD has turned into a sustained positive value, indicating that spot buying is dominating the market. Glassnode data shows that this indicator has further risen to $62 million compared to a week ago, reflecting an increase in market proactive buying sentiment.In summary, the price structure, liquidity indicators, and on-chain demand all indicate that Bitcoin is currently still in a "strong trend expansion phase," and the bull market momentum has not yet ended.

BitMEX co-founder Arthur Hayes stated in his latest blog post that the Bitcoin bull market truly began with the outbreak of war between the U.S. and Iran on February 28. AI capital expenditures, war spending, and countries' investments in physical infrastructure to ensure supply chain security will drive the reckless expansion of fiat credit, and Bitcoin will continue to benefit.Hayes pointed out that Bitcoin has rebounded from a low of $60,000 earlier this year, reiterating that breaking through the previous high of $126,000 is "inevitable." Hayes believes that the scale of this round of AI capital expenditures is unprecedented, with central banks like the Federal Reserve printing more money. The declining trust in dollar assets will shift towards investments in physical infrastructure and commodity reserves, further driving fiat expansion.He expects that once Bitcoin breaks through $90,000, the momentum will accelerate, and he will raise the risk exposure of Maelstrom's portfolio to the maximum. Besides Hyperliquid and Zcash, Hayes' next most favored altcoin is NEAR, which he will explain in subsequent articles regarding how its privacy narrative and Intent architecture create positive cash flow for the protocol. He concluded by stating that while it is currently a bull market, there will eventually be a time to sell, but that time is not now.

According to independent analyst Markus Thielen's chart analysis, Bitcoin weakened for five consecutive months after reaching an all-time high in October 2025, only recording positive returns in March 2026.April has not yet concluded, but the monthly increase is expected to become the strongest single-month performance since April 2025, and Bitcoin may see a second consecutive month of gains. Analysts point out that the two-month rebound has released certain repair signals, combined with historically positive seasonal patterns from May to July, Bitcoin may still receive some support in the future, but a single-month rebound is still insufficient to confirm a trend reversal.

Bitcoin fell below $76,000 after failing to break through $80,000, with uncertainties surrounding the reopening of the Strait of Hormuz and the macroeconomic situation unsettling the market.Meanwhile, technical indicators and on-chain data provide mixed signals regarding whether BTC can sustain this round of rebound. Bitcoin recorded a 30% recovery after hitting a low below $60,000 on February 6, but it stalled under selling pressure in the supply zone between $78,000 and $80,000. This range also coincides with the current 20-week exponential moving average (EMA), reinforcing the significance of this resistance level.Michael van de Poppe, founder of MN Capital, stated that the current pullback is "typical behavior" ahead of the FOMC meeting. He added, "I believe we are still in a phase of strong market conditions." On the support side, Bitcoin has tested the support level at $75,500, which also serves as the lower boundary of the 20-day EMA, 100-day EMA, and an upward channel.Glassnode's UTXO Realized Price Distribution (URPD) data shows that direct resistance is around $78,000, where investors hold 335,650 BTC; the average purchase price of about 298,560 BTC is $75,500, forming a key support level.On the on-chain front, Glassnode data indicates that the Bitcoin market exhibits "a coexistence of bullish momentum and cautious sentiment." The spot CVD (Cumulative Volume Delta) rose from $18.3 million to $54.8 million, with an increase of nearly 200% over the past week, reflecting strong bullish sentiment among market participants. However, spot trading volume decreased by 13.8% from $6.95 billion a week ago to $5.99 billion, "indicating a reduction in market activity." During the same period, the number of daily active addresses fell by 1.6%, showing a more subdued network participation.

According to SoSoValue data, as of 8 AM Eastern Time on April 27, 2026, the total net purchase of Bitcoin by global listed companies (excluding mining companies) for the week was $260 million, a decrease of 89.8% compared to last week.Strategy (formerly MicroStrategy) announced an investment of $255 million (a decrease of 90% compared to last week) to purchase 3,273 Bitcoins at a price of $77,906, bringing the total holdings to 818,334 Bitcoins.The Japanese listed company Metaplanet did not purchase any Bitcoin last week.In addition, three other companies purchased Bitcoin last week. The Japanese fashion brand ANAP invested $770,000 on April 21 to increase its holdings by 9.1785 Bitcoins at a price of $84,239.7, bringing the total holdings to 1,431.9716 Bitcoins; the UK Bitcoin company The Smarter Web Company announced an investment of $3.39 million on April 24 to purchase 44 Bitcoins at a price of $77,071, bringing the total holdings to 2,750 Bitcoins; the French Bitcoin company announced an investment of $460,000 on April 27 to purchase 6 Bitcoins at a price of $77,151, bringing the total holdings to 2,943 Bitcoins.Metaplanet has issued zero-interest bonds worth 8 billion yen (approximately $50 million) for the purpose of purchasing Bitcoin.As of the time of writing, the total amount of Bitcoin held by the global listed companies (excluding mining companies) in the statistics is 1,084,909 Bitcoins, an increase of 0.3% compared to last week, with a current market value of approximately $8.434 billion, accounting for 5.4% of the circulating market value of Bitcoin.

Glassnode indicates that Bitcoin is currently showing bullish signals, with its Vector framework triggering a clear signal. Among them, a momentum indicator above 0.5 is considered bullish, while below -0.5 is considered bearish, and the current value is 1; meanwhile, the risk index has completely reset to 0.Glassnode states that from the blue shaded area in the chart, it can be seen that after this signal is triggered, the price has historically corresponded to significant upward trends and provided avoidance references during market downturns.

BIT tweeted that in the past two issues of the "Biton Target" report, we hinted that the bear market phase of Bitcoin may be nearing its end. Signals from multiple time dimensions are gradually forming resonance, supporting this judgment. When this judgment was made, Bitcoin was approaching the downward trend line formed since the bear market began in October 2025, just one step away from breaking upwards. Meanwhile, the weekly stochastic oscillator has fallen to a low not seen since January 2023, which was near the phase bottom after the end of the 2021/2022 bear market. Historically, this indicator reading often corresponds to market bottom areas.Our Bitcoin trend model has turned bullish. Trend signals do not always materialize, but considering that Bitcoin itself has strong trends and high volatility characteristics, after the previous two signals reversed quickly, the current round of movement has better conditions for continuation. Additionally, Bitcoin's price is gradually approaching the 21-week moving average, which has a critical boundary significance in our bull-bear judgment framework.$73,000 has always been an important watershed since March 2024 and is a key threshold for confirming whether this trend can reverse. Recently, Bitcoin has been fluctuating around $70,000. If it can effectively break through and stabilize above $73,000, the reversal signal will be further confirmed. Currently, various indicators are overall positive, but before the price enters this round's target range, the upward pace may still be disturbed by phase risk factors, so attention should be maintained.

According to market news, the cryptocurrency market weakened overall on Friday, with BTC hovering around $77,800, and the upward trend that started at $65,000 since Wednesday has clearly slowed down; ETH is reported at $2,300, with a 24-hour decline of about 0.8%, underperforming BTC.The market pressure mainly comes from two aspects: first, Japan's corporate service price index rose 3.1% year-on-year in March, exceeding expectations, and core inflation is also accelerating upward. The market expects the Bank of Japan may signal an interest rate hike at the next policy meeting, and a stronger yen could trigger the unwinding of carry trades in global risk assets; second, the ongoing war in Iran continues to disrupt oil transportation in the Strait of Hormuz, with WTI crude oil futures rising over 40% to $96 per barrel since the outbreak of the war. The U.S. Pentagon warns that clearing mines will take at least six months, and global inflationary pressures may persist, further compressing the Federal Reserve's space for interest rate cuts.

According to SoSoValue data, as of 8 AM Eastern Time on April 20, 2026, the total net purchase of Bitcoin by publicly listed companies worldwide (excluding mining companies) for the week was $2.542 billion, an increase of 154.2% compared to last week.Strategy (formerly MicroStrategy) announced an investment of $2.54 billion (an increase of 154% compared to last week) to purchase 34,164 Bitcoins at a price of $74,395, bringing the total holdings to 815,061 Bitcoins.The Japanese listed company Metaplanet did not purchase Bitcoin last week.In addition, four other companies purchased Bitcoin last week. The American asset management company Strive announced on April 15 that it bought 27 Bitcoins, bringing its total holdings to 13,768 Bitcoins, without disclosing the specific purchase amount; the Japanese fashion brand ANAP invested $410,000 on April 16 to increase its holdings by 5.07 Bitcoins at a price of $81,607.50, bringing its total holdings to 1,422.1041 Bitcoins; the British Bitcoin company The Smarter Web Company announced on April 14 that it invested $800,000 to purchase 11 Bitcoins at a price of $72,702, bringing its total holdings to 2,706 Bitcoins; the French Bitcoin company announced on April 20 that it invested $920,000 to purchase 12 Bitcoins at a price of $72,102.50, bringing its total holdings to 2,937 Bitcoins.As of the time of writing, the total amount of Bitcoin held by the publicly listed companies included in the statistics (excluding mining companies) is 1,081,576 Bitcoins, an increase of 3.28% compared to last week, with a current market value of approximately $8.165 billion, accounting for 5.4% of the circulating market value of Bitcoin.

According to Santiment monitoring, small retail traders are actively selling their holdings of Ethereum (ETH), with wallets holding 0.01 ETH or less having reduced their holdings by a total of 1,791 ETH (approximately 4.16 million USD) in the past two days. The market generally views the 17% increase since March 29 as a "Bull Trap," and this sentiment has actually strengthened the likelihood of a continued bullish momentum.

BIT released a chart today stating that cryptocurrency spot trading volume has significantly declined, with the average daily trading amount dropping from $41 billion in December 2024 to $26.6 billion in October 2025, and in the past 30 days it has fallen to only $8 billion.Spot trading volume is a key indicator of altcoin performance, reflecting market participation and risk appetite. The current contraction in trading activity helps explain the continued weakness of altcoins: sluggish trading activity translates into lackluster price trends and worsening market sentiment. For any sustained altcoin rally to truly kick off, a substantial rebound in trading volume is necessary.In the absence of clear catalysts, the likelihood of a broad-based rally is low. Current trading volume is concentrating on a few assets, and overall market participation remains relatively low.

According to Jinshi reports, as market expectations rise that the United States will launch more military strikes against Iran, the dollar index has risen during the Asian afternoon trading session. Two analysts from the Commonwealth Bank of Australia's Global Economic and Market Research Department stated that the U.S. is doubling the size of its A-10 attack aircraft fleet in the Middle East, and the mobilization of military assets and troops has increased the likelihood of a ground invasion. Based on the dollar's safe-haven status, analysts remain optimistic about its trend.

According to official news, $U has officially landed on SunSwap V4, with liquidity pools fully open and trading functions enabled simultaneously. As an important step in the diversification process of the TRON ecosystem, the integration of $U not only expands the on-chain asset options for the community but also further enhances network liquidity and ecological depth. Experience $U exchange through SunSwap V4 now and explore more possibilities for decentralized trading.

On-chain data platform Glassnode posted on X platform, stating that the current Bitcoin price is at the lower end of the cost range for new investors ($60,000 - $70,000). Data shows that there has been a certain degree of accumulation within this range, but the overall scale is still below the typical levels that have historically driven strong rebounds, indicating relatively weak chip density.The current accumulation structure has constructive significance in form, but is still insufficient in strength and has not yet formed a clear upward momentum signal.

Research institution 10x Research published on platform X, pointing out that Bittensor (TAO) is experiencing strong momentum driven by both AI narratives and ecological expansion. The current price of TAO has surpassed the 7-day and 30-day moving averages, with technical indicators showing dual bullish signals. In the past week, it has increased by 19.8%, and the staking scale of subnet has exceeded 620 million dollars, with the number of active subnets expanding to 128.On the news front, NVIDIA CEO Jensen Huang mentioned Bittensor in a well-known podcast, while Grayscale reiterated this week that the Bittensor Trust private placement subscription is now open to qualified investors, further strengthening institutional endorsement.

JPMorgan stated that under the backdrop of ETF fund outflows, deteriorating liquidity, and institutional deleveraging, gold and silver are under pressure, while Bitcoin shows greater resilience and relatively stable capital inflows.Gold ETFs recorded nearly $11 billion in net outflows in the three weeks leading up to March, and there was also a significant withdrawal of funds related to silver. Coupled with rising interest rates and a strengthening dollar, this has pushed precious metal prices lower. Meanwhile, Bitcoin funds continue to maintain net inflows, and market momentum is gradually improving. In terms of price performance, Bitcoin initially fell to the $60,000 range alongside risk assets at the onset of geopolitical conflicts but quickly stabilized thereafter, currently oscillating between $68,000 and $70,000, indicating that long-term capital is re-entering the market to support prices after the panic. Additionally, position and momentum data have also diverged, with institutional positions in gold and silver futures significantly declining since the beginning of the year, while Bitcoin futures positions have remained stable overall. Trend-following funds have shifted from "overbought" in precious metals to below neutral levels, exacerbating their downward pressure; Bitcoin, on the other hand, has rebounded from the oversold range, with selling pressure easing. Liquidity indicators show that the breadth of the gold market has fallen below that of Bitcoin, and silver liquidity has further weakened. JPMorgan believes that this change highlights Bitcoin's gradually emerging performance characteristics that differ from traditional safe-haven assets in the current macro and geopolitical environment.

Bitfinex Alpha's latest report indicates that Bitcoin's performance last week showed significant divergence. Although it briefly rose to a high of $76,000, it subsequently fell back due to the impact of PPI data, statements from the Federal Reserve, and tensions in the Middle East, with a weekend low of around $68,000.Despite the increased short-term volatility, Bitcoin overall remains above its opening price, while the S&P 500 index has shown more fluctuations. Market analysis suggests that if bulls have enough confidence to push the price above the $72,000 range, there may be an "air gap" between $72,000 and $82,000 above, which is a relatively sparse area of transactions and resistance, allowing for a potential rapid price increase.The current market focus is on whether macro data and geopolitical situations will continue to disrupt the performance of risk assets, and whether Bitcoin can re-establish sustained upward momentum to return to previous high ranges.

CryptoQuant analyst Axel Adler posted on the X platform that the Coinbase premium index has rebounded from the previously negative range reflecting a collapse in demand from U.S. investors to a neutral to weak level. However, this indicator has not yet stabilized in the positive range, indicating that comprehensive bullish momentum from U.S. investors has not yet been confirmed, and market sentiment remains cautious.