- Bitcoin long-term holders are accumulating again, suggesting conviction as the Bull Score Index hits 80, its highest since January.
- SUI rebounds sharply with Bitcoin but faces resistance, while TAO remains weak with no clear trend reversal since December 2024.
- Stablecoin market cap hits a record $220B, historically aligning with stronger Bitcoin performance and improved capital inflows.
Bitcoin extended its upward momentum this week, trading at $96,052.37, continuing a consistent climb that began in mid-March. The asset has had steady gains, forming higher lows and highs over several weeks. Analyst Michael van de Poppe noted that Bitcoin continues to grind higher, leaving many investors behind.
Although on the day there was a slight dip, overall price has maintained bullish outlook. Volume is stable, suggesting cautious optimism across the market. According to CryptoQuant, rising stablecoin liquidity supported the broader trend. The stablecoin market cap surged to a record $220 billion, a level historically aligned with improved capital inflows and upward price pressure.
Long-Term Holders Increase Bitcoin Accumulation
On-chain data from CryptoRank indicates that long term Bitcoin holders have resumed accumulation after a period of distribution. This trend typically shows reduced sell pressure and growing market conviction.
These holders shifting BTC to stronger hands is consistent with previous mid cycle consolidation periods. Meanwhile, CryptoQuant’s Bitcoin Bull Score Index also showed rapid improvement, climbing from 20 to 50 in just one week.
This move out of bearish levels aligned with stronger stablecoin activity and rising BTC prices. As of now, the index reads 80, the highest level since January 30, indicating further strength in the market.
SUI Shows Sharp Moves but Faces Resistance
Altcoin performance varied notably. SUI demonstrated a sharp rebound in April after experiencing a Q1 drawdown. It surged in line with Bitcoin’s recent performance but showed signs of resistance near current levels.
The asset began to flatten and recorded a minor pullback, suggesting traders may be taking profits at these prices. Despite the volatility, SUI stayed above recent lows and held support amid Bitcoin’s strength.
However, without renewed upside pressure from Bitcoin, SUI’s near term advance may slow. According to analyst Michael van de Poppe, minimal corrections are expected for SUI, offering potential opportunities for dip buyers if conditions allow.
TAO Trails Behind Despite Market Rebound
TAO continues to show weakness relative to both Bitcoin and SUI. Since December 2024, the asset has remained in a downtrend with no clear signs of reversal. Although it saw a slight bounce in April, its broader outlook remains fragile.
Source: TradingView
The asset has underperformed due to slow investor interest and has failed to break past earlier resistance. This has kept the recovery from gaining meaningful strength. Without a decisive pattern shift, TAO may remain under pressure despite the broader market’s recovery.
