Bitcoin’s (BTC) relief rally to $82,000 appears to be cooling off, and analysts say key levels must be reclaimed for BTC price to “confirm a durable continuation higher.”

Key takeaways:

• Bitcoin must break resistance at $85,000-$88,000 to confirm that the bottom is in.
• Profit-taking on rallies must cool down for a sustained breakout in BTC price. 

Bitcoin must reclaim $88,000 as support

Bitcoin’s 7% climb over the last week to $81,000 saw it reclaim key levels, including the true market mean at $78,200 and short-term holder (STH) cost basis at $79,100.

If the price sustains above these two levels, the 50% drawdown from the $126,000 all-time high to sub-$60,000 levels in February “would rank among the shortest episodes of its kind in Bitcoin market history,” Glassnode said in its latest Week Onchain newsletter, adding:

“Attention now shifts to the next major resistance at the Active Realized Price near $85.2K, which tracks the cost basis of all non-dormant supply and represents the next structural threshold the market must reckon with.”

Bitcoin risk indicator. Source: Glassnode

The last time Bitcoin reclaimed its active realized price, in October 2023, it was followed by a 170% rally to its previous all-time high of $74,000 reached in March 2024. These gains increased to 365% once the price hit its current record highs above $126,000.

Related: Bitcoin Bollinger Bands push key breakout as creator acts on ‘positive’ signal 

Bitcoin’s realized price by age cohorts reveals other major levels of resistance sitting higher up: the realized price of the three-to-six-month investor cohort at $88,880, the 12-month-18-month cost basis at $93,450 and the average purchase price of the six-to-12-month investor cohort at $111,850.

“For the bottom to be confirmed, price needs to clear $88.88K and hold – not wick through, not retest and fail,” CryptoQuant analyst IT Tech said in a Thursday Quicktake note, adding:

“Until then, every rally into $85K-$88K is walking straight into distribution from November 2025-Feb 2026, buyers desperate to get out flat.”

Bitcoin realized price – UTXO age bands. Source: CryptoQuant

A sustained move above that level could put recent buyers back in profit and reduce sell pressure, confirming a “durable continuation higher,” Glassnode added.

Analyst MikybullCrypto highlighted Bitcoin’s core levels of resistance before a “mega solid trend change,” including $88,000 and $92,000, based on Fibonacci level analysis. 

“Overcome these resistances, then $100K is guaranteed.”

BTC/USD daily chart. Source: MikybullCrypto

Profit-taking by long-term holders could delay BTC price recovery 

Bitcoin’s current pullback below $81,000 could be attributed to increased profit-taking by long-term holders.

Additionally, the 14-day simple moving average of profit realized by investors who have held BTC for more than one year has increased to about $180 million per day following the recent rally.

Should the current recovery continue, “this distribution pressure is likely to intensify,” Glassnode said, adding:

“The market’s ability to absorb this gradual increase in supply while sustaining the price above the True Market Mean will be the defining test of whether the current recovery has genuine structural legs.”

Bitcoin realized profit by age. Source: Glassnode

Meanwhile, realized losses remain elevated at $479 million per day, approximately 140% above the $200 million per day cycle baseline. 

A sustained compression of this indicator below $200 million per day would serve as a strong indicator that selling exhaustion is setting in and confirm a “more durable recovery regime,” Glassnode said, adding:

“Until that threshold is reached, the dual weight of long-term holder profit taking and top-buyer distribution at thin loss margins is likely to anchor the current rally.”

Bitcoin realized loss. Source: Glassnode

This article is produced in accordance with Cointelegraph’s Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.

Toncoin price went parabolic this week, surging more than 100% after Telegram founder Pavel Durov announced a major strategic overhaul that places Telegram directly at the center of The Open Network ecosystem.

According to data from crypto.news, Toncoin (TON) climbed from below $1.20 earlier this week to as high as $2.90 on Wednesday before stabilizing near $2.43 at press time. The explosive move made TON one of the best-performing large-cap cryptocurrencies over the past seven days.

The primary catalyst behind the rally came after Durov revealed on May 4 that Telegram would replace the TON Foundation as the main force driving network development and adoption.

As part of the shift, Telegram has reportedly become the largest validator on the network after staking millions of TON tokens, aligning the company’s interests more directly with the blockchain’s long-term growth and stability.

Durov also introduced a new roadmap dubbed “Make TON Great Again,” or MTONGA, which outlines a seven-step strategy focused on scaling infrastructure, improving transaction speeds, and expanding TON’s integration across Telegram’s ecosystem of over 1 billion users.

Investor sentiment strengthened further after the network sharply reduced transaction fees by nearly sixfold to around $0.0005, a move aimed at making TON more attractive for microtransactions, mini-apps, and consumer payments.

At the same time, TON’s recent Catchain 2.0 infrastructure upgrade significantly improved network performance by lowering block times to roughly 400 milliseconds, allowing near-instant transaction finality.

The combination of deeper Telegram integration, faster infrastructure, and lower transaction costs triggered aggressive buying activity across spot and derivatives markets, while short liquidations accelerated upside momentum.

On the daily chart, Toncoin price confirmed a powerful breakout from a prolonged accumulation range after exploding above the key $1.60 resistance zone.

The rally also pushed TON above its 200-day moving average near $1.55, reinforcing bullish momentum and signaling a possible shift in long-term trend direction.

Momentum indicators suggest buyers remain firmly in control despite signs of short-term overheating.

The RSI surged above 90, reflecting extremely strong buying pressure, though such elevated levels could also signal a temporary cooling-off period or near-term volatility ahead.

At the same time, the moving average ribbon has started turning bullish, with shorter-term moving averages crossing back above longer-term averages following weeks of sideways consolidation.

If bullish momentum continues, traders could next target the psychological $3 level, followed by the broader resistance region near $3.20.

On the downside, failure to hold above the $2.00 breakout zone could trigger profit-taking and a retest of support near the $1.60–$1.70 range before another upward move.

Matthew Sigel, head of digital assets research at investment manager VanEck, said he sees Bitcoin (BTC) reaching seven figures within the next five years.

“Bitcoin going up for us is the base case. We think this asset is going to reach a million dollars over the next several years,” Sigel said on CNBC’s Halftime Report on Wednesday.

Sigel later clarified that BTC is likely to reach that threshold in “half a decade,” comparing Bitcoin’s adoption to the video game industry’s, where usage has expanded across age groups after initially being limited to younger users.

“It’s going to be like the video game industry, where 30 years ago it was just kids playing video games, now Elon Musk plays video games,” he said.

Sigel’s latest projection aligns with VanEck’s base-case model, which estimates Bitcoin could reach $2.9 million by 2050, underscoring a longer-term bullish outlook despite periods of market volatility.

Bitcoin is a “mega trend,” but marked by volatility

Despite a highly bullish outlook, VanEck’s Sigel emphasized that Bitcoin is a “very cyclical asset,” saying its path toward $1 million would not be a steady upward move.

“There are no bailouts in Bitcoin, so it’s going to be cycles along the way,” Sigel said, hinting at the absence of a central authority to stabilize prices during market downturns.

Source: Matthew Sigel

“We have the first central bank buying Bitcoin for its reserves, so this is a mega trend, but it will be very volatile along the way,” Sigel added.

Near-term market positioning is negative

Addressing Bitcoin’s near-term price action, Sigel pointed to the asset’s correlation with the Nasdaq reaching its highest level in five years, suggesting the current rally is largely driven by broader macroeconomic trends.

“What keeps us encouraged even at the current levels is that we’re not seeing the froth in the derivatives markets,” he said, adding that the move appears to be driven primarily by short covering, indicating that overall positioning remains relatively bearish.

Bitcoin’s (BTC) all-time price chart. Source: CoinGecko 

Sigel’s take joins several similar views on Bitcoin’s price trajectory in the coming years, including predictions from Bernstein, Bitwise chief investment officer Matt Hougan, Jan3 CEO Samson Mow and Twitter co-founder Jack Dorsey, among others.

Cathie Wood’s ARK Invest’s 2030 Bitcoin price targets range from about $300,000 in a bear case to $710,000 in a base case and $1.5 million in a bull case, according to its Big Ideas 2025 model.

Related: Bitmine’s Tom Lee says ‘crypto spring’ has already begun

Some investors are more skeptical about Bitcoin’s adoption, though. Ray Dalio has said Bitcoin could act as a store of value but questioned its ability to scale into a global reserve asset amid regulatory and sovereign currency risks. Others, including gold advocate Peter Schiff, have argued Bitcoin lacks intrinsic value and is unlikely to displace traditional safe-haven assets like gold, casting doubt on seven-figure price forecasts.

Magazine: Adam Back says current demand is ‘almost’ enough to send Bitcoin to $1M

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Crypto conference attendees in Miami apparently have a deodorant problem, prompting disgusted fellow event goers to take to social media to complain about the smell. 

CEO of Solana infrastructure firm Helius Labs, Mert Mumtaz, who was in Miami for Consensus 2026, one of the largest crypto summits, asked on X, “what is it with crypto mfers and not knowing what deodorant is.”

Read more: Dubai flood leaves TOKEN2049 conference goers feeling ‘liquidated’

Meanwhile, a crypto influencer known as “Liv,” who was also in Miami for events hosted by Solana, Pengu, and Tessera Lab noted, “I swear some of the men don’t use deodorant and they have like a 5 feet radius around them.”

Other crypto users echoed this sentiment, claiming that girls often complain that the “men at crypto conferences stink.”

The problem appears to be so bad that another influencer, “Bangerz,” actually praised the events held by Tessera Lab and Sophie Maxx for being free of bad odours. 

“You wouldn’t believe it but i went to a web3 event and everyone was wearing deodorant and it smelt like italian pasta,” Bangerz posted. 

Read more: Bitcoin 2026 opens to empty seats, protests, awkward moments

Crypto influencer “Gigi,” who has complained previously about the lack of deodorant at crypto events, attempted to nip the problem in the bud, posting, “please remember to wear deodorant.”

Some users suggested that crypto summits should offer gift packages with blockchain-themed mints and deodorant, while others joked that event bouncers should be “checking how you smell” instead of looking for weapons or contraband. 

These confrences are hot

It’s no surprise that some are struggling to stay sweat-free, with temperatures in Miami already hitting over 30 degrees Celsius. In 2025, temperatures at Token2049 in Dubai reached over 40 degrees. 

Many crypto users sarcastically warned attendees at the time not to wear deodorant and just enjoy the nights out deodorant-free. 

Mumtaz, however, wasn’t among them, taking to X at the time to complain about deodorant use.

if you are coming to Dubai for Token, some tips:

i) download Careem (better than Uber)
ii) Marina has insane traffic, do not recommend
iii) wear deodorant…
iv) import a few kg of zyns and hand them to me in person for more tips

— mert (@mert) April 26, 2025

He jokingly asked attendees to wear deodorant, or else he would “call the police and tell them you’re in possession of several hard drugs,” adding that it’s “nothing personal.”

Got a tip? Send us an email securely via Protos Leaks. For more informed news and investigations, follow us on X, Bluesky, and Google News, or subscribe to our YouTube channel.

Crypto asset manager Bitwise is entering the fast-growing tokenized fund market for the first time through a planned takeover of Superstate’s crypto carry fund.

Bitwise intends to assume investment management responsibilities for the Superstate Crypto Carry Fund, known by its ticker USCC, on June 1, the firms said on Thursday.

The fund will be renamed the Bitwise Crypto Carry Fund while continuing to run on Superstate’s blockchain infrastructure.

USCC manages more than $267 million in assets and gives qualified investors exposure to a crypto “cash-and-carry” strategy. The trade seeks to profit from the gap between spot crypto prices and futures contracts, which often trade at a premium during bullish market conditions. More than $100 million of the fund’s assets are actively used as collateral in decentralized finance (DeFi) protocols such as Aave and Kamino.

The move gives Bitwise, which oversees $11 billion in crypto assets across ETFs and private funds, its first foothold in the growing market for tokenized investment products.

Tokenized funds have become one of the fastest-growing areas of digital assets as global asset managers look to modernize how funds operate. Firms including BlackRock, Franklin Templeton and Fidelity have launched tokenized Treasury and money-market products, while crypto-native firms are experimenting with onchain versions of hedge fund and yield strategies.

Through tokenization, investors can hold blockchain-based ownership tokens in the fund that can move and settle around the clock. Supporters say the structure can reduce settlement delays and make funds easier to transfer or use in decentralized finance applications.

The market has expanded quickly over the past two years. Data from RWA.xyz shows tokenized real-world assets have surpassed $30 billion globally, with tokenized U.S. Treasury products accounting for more than $15 billion.

The transition also reflects a shift in strategy for Superstate, the tokenization startup founded by Compound creator Robert Leshner. Rather than managing funds directly, Superstate plans to focus on FundOS, its infrastructure platform for tokenized investment products. Last month, $2.2 trillion asset manager Invesco took over Superstate’s onchain money market fund that gives investors U.S. Treasury yield.

“Capital markets are moving onchain,” Bitwise CEO Hunter Horsley said in a statement. “Traditional and crypto-native institutions are increasingly using tokenized funds.”

The structure of the fund itself will remain largely unchanged after the handoff. Existing investors will keep the same USCC ticker, token contracts and blockchain address while Superstate continues to handle token issuance and transfer services.

Key Highlights

• January 2027 launch date officially confirmed for South Korea’s 22% cryptocurrency tax
• Digital asset profits exceeding 2.5 million won threshold subject to 22% combined taxation
• Tax authorities developing reporting framework in collaboration with cryptocurrency platforms
• Leading Korean trading platforms preparing infrastructure for tax documentation support
• Implementation proceeds despite ongoing legislative discussions and party opposition

South Korea has officially announced the implementation timeline for its postponed cryptocurrency taxation framework, targeting a January 2027 effective date. The announcement came during a National Assembly policy discussion where the Finance Ministry articulated its definitive stance. Additionally, government agencies are working closely with cryptocurrency trading platforms to establish reporting mechanisms ahead of the tax system launch.

Government Finalizes Digital Asset Taxation Timeline

South Korea will implement taxation on virtual asset income beginning January 1, 2027. The Ministry of Economy and Finance made this declaration during a parliamentary policy session in the capital. Additionally, this statement represents the ministry’s most explicit public commitment regarding the previously postponed tax program.

The cryptocurrency taxation framework covers gains from disposal transactions, active trading, and lending operations involving digital currencies. Yearly earnings surpassing the 2.5 million won exemption level will incur a total 22% tax burden. This rate comprises a 20% national income levy plus a supplementary 2% municipal income charge.

Moon Kyung-ho, who heads the ministry’s income tax department, detailed the administration’s execution strategy at the parliamentary session. In addition, ministry representatives dismissed claims connecting the virtual asset tax timeline to pending financial investment income tax modifications. Government officials emphasized that cryptocurrency taxation maintains independent statutory authority through the 2020 Income Tax Act revision.

Tax Authority Develops Platform Reporting Infrastructure

The National Tax Service is advancing preparations for operational directives related to the cryptocurrency taxation system. Tax officials anticipate publishing comprehensive guidelines before the conclusion of 2026. Regulators maintain ongoing technical consultations with prominent domestic cryptocurrency exchanges concerning reporting specifications.

The revenue agency is currently engaging with Dunamu, Bithumb, Coinone, Korbit, and Gopax to formulate transaction disclosure protocols. These platforms will presumably facilitate taxable profit computations and documentation authentication procedures. Domestic trading venues may assume substantial responsibilities in upcoming tax enforcement activities.

South Korea is simultaneously advancing infrastructure designed to aggregate cryptocurrency transaction information from local exchanges. Officials project the initial comprehensive filing cycle will occur in May 2028 for earnings accumulated during 2027. The virtual asset taxation architecture will depend significantly on uniform transaction documentation and platform-generated information.

Legislative Tensions Over Crypto Taxation Persist

South Korea has repeatedly postponed the virtual asset taxation system due to parliamentary disputes and sector objections. Previous schedules aimed for a 2025 rollout before legislators authorized a two-year deferral. Officials contended that trading platforms and oversight bodies needed supplementary preparation time before enforcement implementation.

Discussions also centered on the 2.5 million won exemption threshold and the compliance workload facing market stakeholders. Most recently, the People Power Party introduced proposed legislation seeking full elimination of the planned cryptocurrency gains levy. The Finance Ministry’s current declaration indicates authorities plan to advance implementation unless parliament modifies existing legislation.

The virtual asset taxation policy could impact a substantial segment of South Korea’s digital currency marketplace. Domestic analyses suggested roughly 13.26 million participants based on aggregate Upbit platform registrations through December 2025. Concurrently, government agencies continue navigating between revenue objectives and implementation capacity throughout the national cryptocurrency industry.