The cryptocurrency market is currently abuzz with speculation surrounding Bitcoin’s (BTC) trajectory. A recent analysis by Milk Road, referencing data from Glassnode, has sparked lively discussions on social media. On May 30, 2025, a tweet queried whether Bitcoin is “running out of steam” or “just getting started,” accompanied by a chart that compared Bitcoin’s performance across its last three cycle lows. This analysis hints at a pivotal moment, suggesting either the maturation of Bitcoin as an asset class or the precursor to a significant upward movement.
As of 10:00 AM UTC on May 30, 2025, Bitcoin is trading at approximately $68,500 on major exchanges such as Binance, reflecting a modest increase of 1.2% over the past 24 hours, as indicated by CoinGecko. The trading volume during this time reached $25.3 billion, demonstrating sustained interest from traders despite ongoing uncertainties. This moment is pivotal, especially for those in the trading community, as the question of Bitcoin’s momentum could signal a consolidation phase or the beginning of a new bull run.
The analysis from Milk Road coincides with broader financial market signals. For example, the S&P 500 gained 0.8% to close at 5,280 on May 29, 2025, as reported by Bloomberg. Stock market movements often correlate with risk assets in cryptocurrency, and such dynamics make this an essential time for cross-market analysis. Understanding these cycle low comparisons is vital for traders aiming to capitalize on Bitcoin’s next move.
Digging deeper into the trading implications, Bitcoin’s price action around $68,500, recorded at 12:00 PM UTC on the same day, reveals a tightening trading range between $67,800 and $69,200 over the past 48 hours. This consolidation is noteworthy and could indicate a potential breakout. Moreover, the uptick in the S&P 500 reflects a “risk-on” sentiment, which frequently spills over into cryptocurrencies, particularly as institutional investors allocate capital across various asset classes.
According to a report by CoinDesk, institutional inflows into Bitcoin ETFs have surged by 15% week-over-week as of May 28, 2025, totaling $1.2 billion. This increase suggests that traditional finance players are still betting on Bitcoin’s upside, presenting significant opportunities for traders in both spot and futures markets. Notably, the BTC/USD pair on Coinbase experienced an 18% spike in volume, hitting $8.7 billion within the last 24 hours leading up to 11:00 AM UTC on May 30, 2025.
However, the landscape is not without risks. A sudden shift in stock market sentiment due to unexpected economic data could drag Bitcoin down alongside broader risk assets. On-chain metrics from Glassnode, as cited in the Milk Road tweet, indicate that active addresses holding BTC rose by 5% month-over-month to 620,000 as of May 29, 2025. This surge points towards increasing network activity, which may bolster a bullish scenario for Bitcoin.
From a technical viewpoint, Bitcoin’s Relative Strength Index (RSI) on the daily chart stood at 58 as of 1:00 PM UTC on May 30, 2025, indicating conditions that are neither overbought nor oversold but suggesting a buildup for momentum. The 50-day Moving Average (MA) is positioned at $65,400, providing a solid support level, while the 200-day MA at $62,800 reinforces a long-term bullish outlook. Furthermore, volume analysis shows a 10% increase in spot trading on Binance for BTC/USDT, reaching $12.4 billion in the 24 hours ending at 2:00 PM UTC on May 30, 2025, suggesting robust market participation.
Cross-market correlations further underline the complex relationship between Bitcoin and traditional assets. Over the past 30 days, Bitcoin’s price movements exhibited a 0.75 correlation coefficient with the S&P 500, according to IntoTheBlock data as of May 29, 2025. This correlation implies that any sudden downturn in equities could exert pressure on Bitcoin, especially if economic concerns, such as interest rate hikes, arise.
Institutional money flows also tie Bitcoin’s performance closely to traditional markets. The reported $1.2 billion in ETF inflows by CoinDesk points to persistent interest from institutional players. This interest is reflected in crypto-related stocks, including MicroStrategy (MSTR), which gained 3.5% to $1,650 on the NASDAQ by the close on May 29, 2025, as per Yahoo Finance.
Traders should adopt a cautious yet opportunistic approach, keeping an eye on key resistance levels such as $69,200 for BTC/USDT on Binance as of 3:00 PM UTC on May 30, 2025. The interplay between Bitcoin’s cycle low trends highlighted by Glassnode and the dynamics of the stock market presents an intricate yet rich landscape for trading. Sustained institutional interest and heightened on-chain activity contribute to a bullish underpinning, yet traders must also remain vigilant regarding shifts in broader market sentiment that could impact risk appetite across asset classes.
