The biggest threat to bulls within this structure is how much of the range and rally has been built by perp volume.
For reference, when BTC was trading at $60K, spot volume was higher than what we’re seeing now.
Perp volume, on the other hand, has nearly doubled during that same period.
That’s not a particularly healthy imbalance to have while the market is trying to hold the upper half of a major range for continuation.
Especially when spot volume has been deteriorating faster than price.
So now we're facing:
1. A range filled with multiple high liquidation points 2. Less spot volume available to absorb the cascades
There’s a reason we’ve barely seen a meaningful bounce after almost $1B in liquidations since the $83K high.
If there isn’t enough underlying spot volume to absorb that liquidation pressure, the chart will naturally struggle to produce moves back above lost support levels.
So for bulls to have any real confidence in continuation, spot volume needs to start reflecting that demand again, similar to what we saw with the rally from $65K.
Structurally, this is still one of the best macro recovery charts in the market right now.
Price has now completed a full V-shaped recovery back into the top of the local $680 range after reclaiming the entire corrective structure from the lows.
That said, I still want to see the $700 resistance region properly cleared before getting too aggressive on continuation.
But once that level breaks and confirms as support, I’m still targeting a move into the $740 region next.
The NEAR team did a great job in the bear market, while the XRP team only collaborated with the press and KOLs to spread positive news. The XRP team's goal was simply to gain liquidity to sell tokens.
The XRP team did absolutely nothing; this is one of the biggest scam projects currently. If you continue to believe the hired news channels and KOLs that publish positive and bullish XRP news, you will lose all your money.
I wonder how a project with nothing has a market capitalization of $84 billion.
What’s been interesting about the recovery back to $680 is that the move doesn’t really look retail-driven.
Retail participation has mostly remained flat throughout the structure, while the majority of the buying has continued coming from mid-sized flows.
At the same time, larger institutional-sized flows dropped during the correction, but have slowly started turning back upward. Interestingly, the low in institutional flows also lined up almost perfectly with the local low in price.
That creates a very different backdrop from the type of euphoric breakout conditions people usually expect near reversals.
So far, the move has looked more like sustained positioning coming back into the chart rather than a retail-led momentum chase.
Now ZEC is attempting to reclaim the November high region after breaking above $640.
If larger flows also start pushing back toward their prior highs above this region, then the probability of continuation higher starts increasing pretty quickly from there.
This is a massive sign of strength for the markets.
$HYPE is running up massively.
It's made a new all-time high and a strong 48% rally.
The upside of this move is that it usually signals greater strength across the board, with more altcoins to come. Hyperliquid is often the first runner, providing the momentum and signal for the rest of the markets to follow through.
Some warning signals are also there on this chart: - Significant sigma overextension vs. the 21-Daily MA. - The RSI is hitting 75+ for the first time since May 2025, indicating that there's some overextension taking place.
Doesn't mean that it can't continue moving upwards; clearly, the trend is strong.
Funny enough, it took the price falling below the $33 low before it started surging upwards, and it never closed below that level. Strong signal for a reversal upwards and continuation to the upside, which then happened.
However, there's a stronger appetite for this one to be waiting for a standard correction. Most optimal is an area at $39. Don't think we'll be getting that, so the lower $40s area is a phenomenal entry point for this one.
We're back in the markets where altcoins are doing great, and given that Hyperliquid is the first-mover in that regard, I would assume we're going to see a lot more momentum from here on out with altcoins in May and June.
Tokenized real-world assets are quietly becoming one of the biggest narratives in crypto.
According to Binance Research, the RWA sector has already grown to $31.4B in 2026 and projections suggest it could reach $1.6T by 2030 as institutional adoption accelerates.
That’s not a small niche anymore.
This is the bridge between traditional finance and blockchain: → Treasuries → Real estate → Bonds → Private credit → Commodities
All moving on-chain.
Why this matters:
Institutions don’t care about memes or hype cycles. They care about: → yield → efficiency → liquidity → settlement speed → transparency
That’s exactly what tokenization improves.
The market is slowly shifting from pure speculation toward assets with real cash flow and real-world backing.
If this trend continues, RWA protocols could become one of the strongest long-term sectors in crypto.
Bulls don’t really have a strong level to defend in the current range, which is why price may continue drifting lower instead of seeing an aggressive bounce.
The key area remains the previous low around $75K.
That’s the level where: → liquidity sits → reaction becomes more likely → a meaningful recovery attempt could start
Until then, momentum still favors downside and relief bounces may just get sold into.
That’s why I’m still holding my short position for now.
If $75K gets reclaimed strongly, bias changes.
If not, slow bleed continuation remains the higher probability setup.