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Bitcoin has resumed its upward trajectory in the early hours of Monday, briefly surpassing the $106,000 mark before encountering resistance and experiencing a minor pullback. As of the time of writing, Bitcoin is trading at $104,153, representing a 1% decline over the past 24 hours.
Despite this dip, the asset remains in a strong position overall, having posted significant gains over the past several weeks and retaining proximity to its all-time high levels. This price action follows a brief consolidation phase late last week, during which Bitcoin paused after climbing above $104,000.
Amid this price performance, CryptoQuant analyst Avocado Onchain recently shared his interpretation of the trend based on derivatives and spot market data.
Market Buy Volume and Funding Rates Show a Shift in Rally Behavior
In his recent analysis, “Bitcoin’s Rebound Without Overheating Is a Clear Sign of a Healthy Bull Market,” Avocado Onchain pointed to a shift in Bitcoin’s behavior around key price milestones.
In previous breakout attempts, he noted that Bitcoin’s surge to new all-time highs was often accompanied by a sharp rise in Binance’s market buy volume and funding rates, both of which signaled overheated conditions. These conditions typically resulted in short-term corrections, as traders locked in profits and leverage unwound.
However, the analyst observed that the current rebound is unfolding differently. Funding rates on Binance remain stable, and market buy volume is trending downward, which Avocado interprets as a sign of restraint rather than weakness.
He argued that, unlike the sharp speculative rallies seen in prior phases, the present environment reflects cautious optimism and sustained accumulation. According to him, this more tempered recovery could be less vulnerable to abrupt pullbacks and instead support a more stable path to potential new highs.
📋 과열 없는 비트코인 반등, 건강한 강세장의 신호(Bitcoin’s Rebound Without Overheating Is a Clear Sign of a Healthy Bull Market)
이번 시즌 비트코인 가격이 신고가를 갱신할 때마다 바이낸스 시장가 매수 거래량과 펀딩비는 크게 상승하였고, 그 후 과열로 인한 조정기간이 찾아오는 유사한… pic.twitter.com/c0JCPzgbfY
— Avocado (@avocado_onchain) May 19, 2025
Bitcoin On-Chain Trends Point to Continued Accumulation
Avocado further emphasized that although buying activity is not surging at the same rate as in prior runs, the overall trend in market buy volume has been gradually increasing since 2023. He referred to on-chain data that shows a consistent uptrend, suggesting that longer-term investor appetite remains intact.
With sentiment still recovering from recent corrections and derivatives markets appearing less overheated, he suggested the market structure is favorable for additional upward momentum in the near to mid-term.
While the analyst did not make a specific prediction regarding when Bitcoin might surpass its previous record, he highlighted that the current market conditions do not resemble previous overheated peaks. This, he noted, makes for a more constructive setup and potentially more durable gains if the trend continues.
Featured image created with DALL-E, Chart from TradingView
Meet Samuel Edyme, Nickname – HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.
Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.
Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.
When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)
Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.
In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.
Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think’s probably unfeasible, I’ve done already a hundredfold.”
PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
