However, the technical outlook remains at a critical juncture. According to analysts, if the $68,000 level fails to hold, the recent rise may remain only a short-term liquidity-driven move. On the other hand, a weekly close above this region would signal that bulls are regaining control.

Can Bitcoin Hold Above $68,000?

According to TradingView data, the BTC/USD pair was trading around $68,480 on Bitstamp. This level sits just above the 200-week exponential moving average (EMA), currently positioned near $68,338.

Analyst Rekt Capital noted that Bitcoin is facing resistance from this trendline, suggesting that the latest recovery could turn into a “post-breakdown retest of the EMA into new resistance.” According to the analyst, for Bitcoin to reverse historical tendencies, it must secure a weekly close above the EMA and flip it into support.

On shorter timeframes, analyst Jelle emphasized that holding the 50 EMA ($68,000) as support on the four-hour chart is crucial to confirm the recovery. If bulls manage to break above the 20-day EMA at $69,220, the price could rally toward $74,508. However, this zone is seen as an area where strong selling pressure may emerge.

Could a Liquidity Hunt Push Bitcoin to $80,000?

Many traders are discussing a potential liquidity sweep scenario due to heavy sell orders placed above $72,000.

According to CoinGlass data, Bitcoin tapped liquidity around $70,000, but the main cluster of orders remains above the current price. Approximately $2 billion in sell orders are sitting between $72,450 and $75,000.

If the $75,000 level is broken, it could trigger forced short liquidations and spark a squeeze that may drive the price toward $80,000.

Analyst AlphaBTC stated that unless a strong downside catalyst appears, higher levels are likely to be tested in the coming weeks.

Spot Bitcoin ETF Inflows Support the Upside

Signs of renewed institutional demand are emerging. Data from Farside Investors shows that US-based spot Bitcoin ETFs recorded net inflows for two consecutive days.

A total of $765 million flowed into these products on Tuesday and Wednesday, with $507 million recorded on Wednesday alone — the highest daily inflow since February 2.

According to some market commentators, this rally reflects institutional accumulation rather than retail FOMO. If growing demand pressure combines with a technical breakout, Bitcoin’s upward momentum could strengthen further.

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Bitcoin Hits All-Time High, Institutional Demand Surges 

According to Binance Research, the crypto market grew by 10.3% in May. This growth was driven by Bitcoin (BTC) reaching a new all-time high (ATH) and strong capital inflows into ETFs. Although Ethereum (ETH) lagged in this bull run, it still gained 43.9% in May, continuing its upward trend from April. 

Meanwhile, increasing tariff tensions between the U.S., China, the European Union, and the United Kingdom caused uncertainty in the markets. Although tariffs were temporarily halted by a court ruling, the U.S. government later reinstated them. 

Despite ongoing macroeconomic uncertainty, institutional interest in Bitcoin accelerated. Companies began to view BTC as a long-term store of value. In total, 116 publicly traded companies hold 809,100 BTC in their treasuries. With increasing regulatory clarity, more companies have announced plans to purchase Bitcoin. Some firms diversified their holdings into assets such as ETH, XRP, and Solana (SOL). 

Binance Research stated: 

“The direction of institutional crypto assets will depend on macro conditions, regulatory developments, and market cycles. However, current momentum is strong. Bitwise projects that institutional treasuries could reach 1 million BTC by 2026.” 

DeFi Rises by 19%, Gaming Sector Lags Behind 

In May, the crypto sectors experienced capital rotation and structural divergence. The DeFi sector grew by 19%, fueled by new product launches and yield opportunities. Meme coins rose by 9.3%, AI-themed tokens gained 4.7%, and real-world assets (RWA) increased by 3.6%. However, the gaming sector and Layer-2 solutions showed weak performance. 

On the other hand, U.S. spot Bitcoin ETFs saw at least $5.2 billion in inflows—marking the highest level since November 2024. Toward the end of the month, rising uncertainty and profit-taking led to approximately $962 million in outflows. 

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