Bitcoin Price News: Still Bullish on BTC as Whale Buying Continues in May

Bitcoin (BTC) has retreated by 3.6% in the past 7 days, just below $80,000. The latest price action is the result of a rejection of a move above a key resistance at around $82,000.

Trading volumes have been retreating to just 1.6% of the token’s circulating market cap, as the latest rally seems to have fully cooled down.

Geopolitical tensions persist as Iran threatened to escalate the conflict beyond its borders if the U.S. and Israel attack the country again.

Oil prices continue to sit above $100 as the Strait of Hormuz remains blocked by U.S. naval forces. Meanwhile, the U.S. Federal Reserve has a new leader, as Kevin Warsh officially replaced Jerome Powell earlier this week.

Market participants see Warsh’s stance on interest rates as more dovish compared to his predecessors, while he vowed to maintain the central bank’s independence from the executive branch.

Although his appointment did little to reverse the latest pullback, a dovish Fed should have a positive impact on the performance of cryptocurrencies down the road.

Bitcoin Whales Have Bought 30,000 Tokens in May

Market sentiment has soured in the past few days, as reflected by the Fear and Greed Index. This gauge has declined from a recent high of 62 (Greed) to 40 at the time of writing, indicating that investors are now fearful.

This could be interpreted as a natural signal of indecisiveness. This kind of erratic attitude should persist until the price action gives clearer indications of a trend reversal or continuation.

Despite its recent retreat, on-chain data shows that whales continue to accumulate Bitcoin in May. Last month, we reported that whale wallets bought nearly $4 billion worth of the top crypto. Meanwhile, during the first 20 days of May, these deep-pocketed players have amassed another 30,000 BTC.

This translates into a $2 billion investment at a point when the price has been steadily increasing. Their behavior is indicative of an ongoing phase of accumulation that, paired with a handful of technical signals, could favor the following view: BTC already hit its cycle bottom at around $67,000.

That’s a bold statement for sure, but it is what the data seems to be telling us, despite volatile market sentiment and poor social volumes.

Open interest (OI) also seems to be favoring a bullish outlook for Bitcoin, as traders are steadily coming back to the market and positioning for further upside. According to data from CoinGlass, this metric (in USD) has increased from a recent low of $43 billion to $64 billion at the time of writing.

This 50% jump in around two months indicates that traders are once again getting exposure to BTC as the price action shows a clear uptrend. Even though OI still stands 32% below its October 2025 peak, we see this recovery as additional evidence that the market’s trend has shifted.

Buy Signal in the Weekly Chart Persists

We continue to pay close attention to a buy signal in the weekly chart that has yielded incredible results in the past with a 100% win rate.

Bitcoin has recovered and has reached its cycle low every time this signal has been spotted in this higher time frame – and that might be what whales are betting on right now.

This is the signal: the last three times that the Relative Strength Index (RSI) has dropped below 30, Bitcoin has delivered strong gains over the next 6 to 12 months.

Paired with a strong bounce off the 200-week exponential moving average (EMA), we don’t see this recent pullback as a reason to worry for buy-and-hold investors or swing traders. The price should continue to rise over the next few months if historical patterns repeat.

This does not leave out the possibility that we retest the cycle’s low of $67,000. In fact, the price action broke below a previous low in one of the three instances spotted in the chart. Not even that invalidated the signal’s bullish bias.

Right now, strong dips could be considered attractive opportunities to add to the portfolio or enter a new position for late buyers.

This weekly pattern is supported by the on-chain evidence we mentioned earlier, and the progressive return of speculators to the futures market.

Our target for BTC in the mid-term would be $200,000 at least, based on the returns that this signal has yielded in the past. This is consistent with targets from big banks like Standard Chartered has for the top crypto as well.

BTC Bounced Off $77K as Expected and Offers an Attractive Trading Opportunity

Heading down to the daily chart, we just spotted an interesting trading opportunity. The price seems to have bounced, at least thus far during today’s session, right after tagging our key support at $77,000.

We highlighted in a previous BTC price prediction that this was the most likely landing zone for this pullback, unless there was a structural driver for further downside.

This creates room for a long position offering a 3.7x risk-reward ratio. The entry would be the current price. However, the stop price would have to be tight to get these returns, at around $75K.

This increases the risks of being liquidated if the market starts chasing stops to prompt a wave of short-covering, but that’s just part of the game. Since this is a higher time frame, extreme volatile moves are still expected.

The RSI stopped at 47, which is good. As long as it does not drop below 40, the rally should be safe. We expect a retest of the 200-day exponential moving average (EMA) first, but we believe that this technical line should be broken soon.

That should trigger a strong short squeeze that pushes BTC to $85K over the next few days. Otherwise, if the price action drops below $77,000, the next support to watch would be BTC’s current trend line support at around $72K.