The cryptocurrency market, particularly Bitcoin (BTC), remains a focal point for traders as recent social media sentiment and on-chain data suggest that the current Bitcoin cycle is far from over. On May 29, 2025, Crypto Rover, a prominent crypto analyst, shared an optimistic outlook on Twitter, stating that this Bitcoin cycle still has room to grow. This statement aligns with ongoing market dynamics, as Bitcoin's price action and trading volumes continue to indicate bullish momentum. As of 10:00 AM UTC on May 29, 2025, Bitcoin was trading at approximately $68,500 on major exchanges like Binance and Coinbase, reflecting a 3.2% increase over the previous 24 hours, according to data from CoinMarketCap. Trading volume for BTC/USDT on Binance spiked by 18% during this period, reaching over $2.1 billion, signaling strong retail and institutional interest. Additionally, on-chain metrics from Glassnode show a notable increase in Bitcoin wallet addresses holding over 1 BTC, rising by 2.5% week-over-week as of May 28, 2025, at 11:00 PM UTC. This accumulation trend underscores a growing confidence among long-term holders, often a precursor to sustained price rallies. Meanwhile, the broader crypto market cap grew by 2.8% to $2.45 trillion as of the same timestamp, highlighting a risk-on sentiment that could further propel Bitcoin’s trajectory in this cycle.

From a trading perspective, the current Bitcoin cycle offers multiple opportunities across various trading pairs and market segments. The BTC/ETH pair, for instance, showed Bitcoin dominance increasing to 54.7% as of May 29, 2025, at 12:00 PM UTC, per TradingView data, suggesting that altcoins may lag behind Bitcoin in the short term. Traders could capitalize on this by focusing on Bitcoin-centric strategies, such as longing BTC/USDT with a stop-loss below the $66,000 support level, which held firm during a brief dip at 3:00 AM UTC on May 28, 2025. Moreover, the correlation between Bitcoin and major stock indices like the S&P 500 remains significant, with a 0.75 correlation coefficient as of May 29, 2025, based on data from CoinGecko’s market analysis tools. This indicates that positive movements in equities, such as the S&P 500’s 1.1% gain to 5,300 points at market close on May 28, 2025, could indirectly bolster Bitcoin’s price through improved risk appetite. Institutional inflows into Bitcoin ETFs, such as the iShares Bitcoin Trust (IBIT), also saw a 15% uptick in volume, reaching $1.2 billion on May 28, 2025, according to Bloomberg Terminal data, pointing to sustained traditional finance interest that could drive further upside.

Delving into technical indicators, Bitcoin’s Relative Strength Index (RSI) on the daily chart stood at 62 as of May 29, 2025, at 1:00 PM UTC, per Binance’s charting tools, indicating that the asset is approaching overbought territory but still has room before a potential reversal. The 50-day Moving Average (MA) at $65,000 provided strong support during intraday fluctuations on May 28, 2025, between 6:00 AM and 9:00 AM UTC, while the 200-day MA at $60,500 acts as a longer-term bullish confirmation. Volume analysis further supports this outlook, with spot trading volume for BTC/USD on Coinbase reaching $1.8 billion on May 28, 2025, a 12% increase from the prior day, as reported by CoinGlass. In terms of cross-market correlations, Bitcoin’s price movements continue to mirror shifts in crypto-related stocks like MicroStrategy (MSTR), which rose 2.4% to $1,650 per share at market open on May 29, 2025, per Yahoo Finance data. This synergy highlights how stock market sentiment can amplify crypto rallies. Institutional money flow between equities and crypto remains a key driver, as evidenced by a $500 million net inflow into crypto funds during the week ending May 28, 2025, according to CoinShares’ weekly report, suggesting that traditional investors are increasingly allocating capital to digital assets during this cycle.

In summary, the current Bitcoin cycle, as highlighted by Crypto Rover’s analysis on May 29, 2025, appears to have significant upside potential, backed by robust trading volumes, on-chain accumulation, and positive cross-market dynamics. Traders should monitor key levels like $70,000 resistance, last tested at 8:00 PM UTC on May 28, 2025, for potential breakouts, while keeping an eye on stock market trends and institutional flows for broader market cues. With Bitcoin’s correlation to equities and crypto-related stocks like MSTR remaining strong, any positive developments in traditional markets could further fuel this cycle’s momentum, offering lucrative trading opportunities for those positioned correctly.

FAQ:
What is the current price of Bitcoin as of May 29, 2025?
As of 10:00 AM UTC on May 29, 2025, Bitcoin was trading at approximately $68,500 on major exchanges like Binance and Coinbase, according to data from CoinMarketCap.

How does the stock market impact Bitcoin’s price?
Bitcoin shows a significant correlation with major stock indices like the S&P 500, with a 0.75 correlation coefficient as of May 29, 2025, based on CoinGecko data. Positive movements in equities, such as the S&P 500’s 1.1% gain on May 28, 2025, can improve risk appetite and indirectly support Bitcoin’s price.

What are the key technical levels to watch for Bitcoin?
Key levels include the $70,000 resistance, last tested at 8:00 PM UTC on May 28, 2025, and support at the 50-day Moving Average of $65,000, which held during intraday fluctuations on May 28, 2025, between 6:00 AM and 9:00 AM UTC, per Binance charting tools.