Bitcoin Closes Just Below All-Time High
Bitcoin rebounded over the weekend, closing the weekly candle at $109,100 — just under its January all-time high. Despite the gains, analysts say the breakout needs stronger momentum to confirm a new leg upward. Traders are watching for follow-through, with some setting targets as high as $155,000. ETF inflows of $2.75 billion last week continue to support bullish sentiment.
Crucial U.S. Economic Data Incoming
This week’s macro spotlight is the U.S. Personal Consumption Expenditures (PCE) Index, set for release on May 29 — a key inflation measure closely watched by the Federal Reserve. Rising bond yields, spurred by proposed U.S. tariffs on the EU, are raising concerns. With the Fed’s May meeting minutes also due, markets are not expecting a rate cut until at least September.
Bearish Momentum Signals from Exchanges
CryptoQuant reports a drop in taker buy and sell volumes, pointing to a slowdown in market activity. The taker buy/sell ratio fell below 1 for the first time since early April — a bearish signal that may suggest a short-term correction. If selling pressure increases, Bitcoin could retest support near $105,000.
Whale Trader Shifts Market Sentiment
James Wynn of Hyperliquid made headlines again with rapid-fire trades. After closing a $125M long at a loss, he quickly flipped back with a new high-leverage long position, profiting $25M. Wynn’s activity, including a recent move into memecoin PEPE, continues to sway trader sentiment and highlight the speculative nature of current markets.
Funding Rates Support a Bullish Setup
Despite volatility, funding rates remain neutral across exchanges — a healthy sign compared to overheated markets. Analysts say the combination of low funding rates and increasing open interest could lead to a short squeeze. Many traders believe this could fuel a continued breakout if momentum holds.
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