- Long-term holders trim BTC supply, signaling caution; short-term traders hold profits with SOPR above 1.
- BTC consolidates near $102K, RSI nears overbought as OBV stalls; memecoins lead altcoin rally.
Bitcoin’s price has stalled near $100,000, with limited progress beyond $105,819 despite recent gains. Retail investor interest, measured by Google search activity, has plateaued, suggesting a pivot toward alternative cryptocurrencies.
Data reveals declining Bitcoin dominance and rising exchange reserves, signaling potential profit-taking and asset rotation into memecoins and other altcoins.
Retail Interest Wanes as Altcoins Gain Traction
Google Trends shows searches for “Bitcoin” fell to a score of 37, near yearly lows. This contrasts with spikes seen during events like the 2024 U.S. election, when interest surged to 100, correlating with BTC’s climb to $105,000. The current flatline implies retail traders are diverting attention—and capital—elsewhere.
Bitcoin’s market dominance dropped from 64.4% to 61% in May, while exchange reserves inched up to 2.44 million BTC. ETHNews analysts interpret this as holders moving BTC to exchanges, likely to swap into assets like memecoins.
CoinMarketCap data confirms memecoins outperformed Bitcoin recently, with tokens like Fartcoin (FARTCOIN) and Pepe (PEPE) rallying over 11% weekly.
Long-term Bitcoin holders (LTHs) reduced their positions in May, trimming supply from 14.29 million BTC to 14.26 million. The LTH spending rate rose to 0.43, a level often preceding local price peaks.
Meanwhile, short-term holders (STHs) maintain profits, with their Spent Output Profit Ratio (SOPR) holding above 1. This metric, which tracks whether recent sellers transacted at a gain, suggests STHs are cautiously optimistic but not yet liquidating en masse.
Bitcoin trades at $102,706, down 0.83% daily but above key psychological support at $100,000. The Relative Strength Index (RSI) sits at 66.47, nearing overbought territory but not yet signaling a reversal.
The On-Balance Volume (OBV), which tracks buying and selling pressure, has flattened after an April surge, indicating balanced participation.
Memecoins Capture Market Momentum
Memecoins dominate recent altcoin rallies, with four ranking among the top 10 performers over 90 days. This shift underscores retail traders’ appetite for high-risk, high-reward assets, even as Bitcoin consolidates. ETHNews analysts note that while memecoins thrive on speculation, their volatility could test market resilience if sentiment shifts.
Bitcoin’s ability to hold $100,000 remains critical. A breakdown might accelerate profit-taking, while sustained stability could renew institutional interest. For now, the market balances between LTH caution and STH optimism, with memecoins absorbing retail liquidity.
Bitcoin (BTC) – Updated Price & Technical Analysis – May 13, 2025
Bitcoin is currently trading at $102,072, showing a -1.41% decline on the day, after a week of bullish consolidation above the critical $100,000 psychological level. Despite today’s dip, BTC is up +5.16% over the past week, +20.68% in the last month, and +65.83% over the past year, showing it remains firmly within a broader uptrend. The current market capitalization is $2.03 trillion, supported by a 24-hour trading volume of $44.85 billion.
Technically, Bitcoin is trading within a strong ascending channel, having recently pulled back from its all-time high of $109,114.88. Support has been confirmed near $100,000, while resistance remains at the upper boundary of the range around $106,000–$109,000.
The current price retracement is likely a temporary correction, and not a trend reversal, especially given the strong macro fundamentals and institutional flows backing BTC.
On the fundamental side, a major catalyst today includes Ukraine finalizing a draft bill to create a national Bitcoin reserve in collaboration with Binance, potentially becoming the first European country to hold BTC as a state-level asset.
Additionally, the Exchange Stablecoin Ratio has climbed to 5.3, indicating that BTC reserves significantly outweigh stablecoin balances on exchanges—a metric that can imply selling pressure but also highlights supply dominance.
