Bitcoin Nears All-Time High: Crypto Markets Consolidate, Ethereum Surges

Bitcoin Consolidation and Market Sentiment

According to marketpulse.com, Bitcoin (BTC/USD) has entered a new phase of consolidation since May 10, with bulls maintaining the price above the key psychological $100,000 mark. This follows a similar consolidation around $95,000, which preceded a $10,000 surge in just three days after 11 days of sideways trading. Glassnode's on-chain analytics reveal that since reaching a low of $75,000 on April 9, Bitcoin has been on a strong upward trend, primarily driven by spot market activity. The Cost Basis Distribution (CBD) heatmap shows accumulation phases at similar price levels, leading to the recent surge to $104,000.

Over the past 30 days, a significant accumulation zone has formed between $93,000 and $95,000, aligning with the cost basis of short-term holders. This range is expected to act as strong support in the event of a short-term dip. Bitcoin is currently trading just below its all-time high of $109,000, with the Short-Term Holder (STH) Supply in Profit/Loss Ratio jumping above 9.0, indicating that over 90% of short-term holders are in profit. High values in this metric often signal riskier market conditions and potential profit-taking.

Key Levels	Value (USD)
Recent Low	75,000
Accumulation Zone	93,000 - 95,000
Current Price	Just below 109,000
Immediate Resistance	106,000
Immediate Support	103,647

Infobox: Bitcoin's uptrend is supported by spot market demand, with a key support zone at $95,000 and resistance near $106,000. Over 90% of short-term holders are currently in profit, indicating a potentially overheated market. (Source: marketpulse.com)

Bitcoin Approaching New Highs and Crypto-Centric Stocks

TradingView reports that Bitcoin surpassed the $100,000 mark for the first time in nearly five months and is on track to exceed its all-time high of $106,533, set on December 22. The rally is attributed to encouraging economic data and easing trade tensions, which have boosted investor confidence. The U.S. Commerce Department reported that the consumer price index (CPI) rose 0.2% in April and 2.3% year-over-year, the lowest since February 2021. Core CPI also increased 0.2% month-over-month and 2.8% year-over-year, aligning with analyst expectations.

Visa Inc., NVIDIA Corporation, and PayPal Holdings are highlighted as crypto-centric stocks with strong growth potential for 2025. Visa is expanding its stablecoin settlement capabilities to the Solana blockchain, NVIDIA is benefiting from increased demand for GPUs in crypto mining and AI, and PayPal continues to enable crypto transactions through its platform and Venmo.

Stock	Expected Earnings Growth (2025)	Zacks Rank
Visa Inc.	12.8%	#3 (Hold)
NVIDIA Corporation	43.5%	#3
PayPal Holdings	9%	#3

Infobox: Bitcoin is nearing its all-time high of $106,533, supported by positive economic data and easing trade tensions. Visa, NVIDIA, and PayPal are identified as stocks with strong crypto exposure and positive earnings outlooks. (Source: TradingView)

XRP and Bitcoin Market Dynamics

According to Yahoo Finance, XRP fell over 4% in the past 24 hours, leading losses among major cryptocurrencies as the market paused after a sharp rally. Bitcoin remains above $104,000, with traders eyeing the $105,000 resistance level. The total crypto market capitalization declined 2% to $3.3 trillion, with Ethereum and Solana also consolidating near their 200-day moving averages. The Crypto Fear & Greed Index dipped from 73 to 70, indicating a slight decrease in momentum but remaining in "greed" territory.

Analysts note that Bitcoin's recent rally is driven by spot market demand rather than excessive leverage, with significant buying from retail and Asia-based wealth managers. The market is currently cautious ahead of upcoming macroeconomic data and the potential impact of recent U.S. trade deals.

XRP dropped 4% in 24 hours
Bitcoin hovers above $104,000
Crypto market cap: $3.3 trillion (down 2%)
Crypto Fear & Greed Index: 70

Infobox: XRP leads losses with a 4% drop, while Bitcoin faces resistance at $105,000. The market is consolidating, with cautious sentiment ahead of key economic data. (Source: Yahoo Finance)

Ripple (XRP) Breakout Potential

marketpulse.com also highlights Ripple (XRP) as showing signs of a technical breakout. Two macroeconomic factors are supporting its rise: potential ETF approvals and a more favorable U.S. regulatory environment. On Polymarket, traders assign a 79% probability to spot ETF approval for XRP. With the SEC case now settled, Ripple is free to pursue further plans, including a potential IPO. Technically, XRP/USD broke out of a triangle pattern and is retesting the trendline. For bullish momentum to continue, the price must stay above the swing low at $2.30.

79% chance of XRP spot ETF approval (Polymarket)
SEC case settled, enabling new initiatives
Technical breakout from triangle pattern
Key support: $2.30

Infobox: Ripple is positioned for a potential upside move, supported by regulatory clarity and strong technical signals. The $2.30 level is crucial for maintaining bullish momentum. (Source: marketpulse.com)

Pakistan-U.S. Blockchain and AI Cooperation

The Defiant reports that the Pakistan Crypto Council, led by CEO Bilal bin Saqib, has signed a partnership with World Liberty Financial (WLF1), a crypto venture backed by the Trump family. Bilal bin Saqib also met with Acting U.S. Ambassador Natalie Baker to discuss expanding cooperation between Pakistan and the U.S. in blockchain and artificial intelligence. The deal has drawn attention in India, where concerns have been raised about the growing Pak-U.S. crypto collaboration.

Partnership between Pakistan Crypto Council and WLF1
Focus on blockchain and AI cooperation
Meeting with U.S. Acting Ambassador Natalie Baker

Infobox: Pakistan and the U.S. are strengthening ties in blockchain and AI through a new partnership involving WLF1 and high-level diplomatic engagement. (Source: The Defiant)

Ethereum Whale Activity on Coinbase

U.Today details an unusual transaction involving a withdrawal of 13,800 ETH (worth $35.26 million) from Coinbase by an unidentified wallet. The funds were used to repay a portion of an outstanding ETH loan on Aave, with 13,750 ETH burned and the same amount sent back to Aave’s lending pool. Despite this repayment, the wallet still holds an open debt of 32,377.6 WETH, valued at approximately $82.61 million. The price of Ethereum has been fluctuating around $2,600, showing some recovery momentum.

Transaction	ETH Amount	USD Value
Withdrawal from Coinbase	13,800	$35.26 million
Outstanding Debt	32,377.6 WETH	$82.61 million

Infobox: A major Ethereum whale reduced exposure by repaying part of a large loan, but still holds significant debt. The move may signal portfolio rebalancing or risk management. (Source: U.Today)

Ethereum’s Comeback and Technical Outlook

FXStreet reports that Ethereum (ETH) is experiencing a strong comeback, trading above $2,500 after nearly doubling since early April. The recent Pectra upgrade has seen over 11,000 EIP-7702 authorizations in a week, indicating robust adoption by wallets and dApps. Key drivers of the rally include increased stablecoin usage, institutional adoption of Layer 2 networks, and the unwinding of ETH short positions. Ethereum currently hosts nearly 51% of the total stablecoin supply, and Layer 2 projects are generating substantial revenue.

Technical analysis shows Ethereum broke above its descending trendline in early May, rallying 39% and closing above its 200-week EMA at $2,243. The RSI is at 53, and the MACD shows a bullish crossover. If ETH maintains momentum, it could retest the 50% Fibonacci retracement at $2,746 and potentially reach $3,067. However, a break below the 200-week EMA could see a decline to $2,000.

Key Metric	Value
Current Price	Above $2,500
200-week EMA	$2,243
Fibonacci 50% Retracement	$2,746
Fibonacci 61.8% Retracement	$3,067

“Ethereum's Pectra upgrade, which brought features like gasless transactions and session-based permissions, unlocks powerful capabilities and could bring the next wave of users!” – Alvin Kan, COO of Bitget Wallet (Source: FXStreet)

Infobox: Ethereum is showing strong technical and fundamental momentum, with key upgrades and adoption metrics supporting the rally. The next resistance levels are $2,746 and $3,067. (Source: FXStreet)

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