WILL BITCOIN & ALTCOINS BOUNCE OR CRASH TO LOWER PRICES?
May 29, 2026
AI Summary
5 min readBitcoin Tests Key Support as Altcoins Wait for a Catalyst
Bitcoin is trading just above $73,000 and approaching the bottom of the rising channel it has occupied for the past several months. The bears are calling it a bear flag, and a breakdown to lower lows is a real possibility. But the picture is more complicated than that. The RSI is approaching the oversold zone around 30—it currently sits at 35—and historically, when Bitcoin touches that territory, a bounce has followed. The 30-day MVRV is also underwater, meaning most short-term traders are sitting on losses, which has often preceded rallies. Tony Edward, host of the Thinking Crypto Podcast, laid out the two scenarios plainly: Bitcoin could bounce off support near $71,000 and continue within its channel, eventually breaking through the 200-day moving average, or it could break lower if something escalates—a worsening of tensions with Iran, or some black swan event nobody is anticipating.
The Liquidity Thesis and the Lag
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What you'll learn
- 1 (01:41) **Bitcoin Price Action & Technical Analysis** - Bitcoin trades just above $73,000, approaching the bottom of a rising channel
- 2 (03:55) **Bitcoin MVRV Signals & Broader Market Context** - The 30-day MVRV is underwater, meaning most traders are not in profit
- 3 (05:05) **Global Liquidity Correlation with Bitcoin** - Analyst Crypto Current shares charts showing Bitcoin follows global liquidity with a 70-75 day lag
- 4 (06:42) **Bitcoin Divergence from Software Stocks** - Bitcoin is highly correlated to software ETFs but is beginning to diverge
- 5 (07:40) **Bit Digital Buys $20M in Ethereum** - Nasdaq-listed Bit Digital expands treasury to 158K ETH, becoming the fourth largest public corporate holder of Ether
- 6 (08:14) **FalconX Files for US Public Listing** - Crypto trading firm FalconX confidentially filed a draft S-1 with the SEC
- 7 (09:36) **Trump Pushes for Clarity Act Passage** - Trump calls on the Senate to advance the Clarity Act, with Treasury Secretary Scott Bessent also urging passage
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Guests on this episode
Show Notes
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⏰ Time Stamps ⏰
00:00 Intro
00:24 Bitcoin analysis
06:22 Bit Digital buys Ethereum
06:52 FalconX IPO
07:31 Trump Clarity Act
11:43 Tether USAT growth
12:35 VanEck BNB ETF
13:16 Blockchain Lottery Ethereum DEVs
14:18 SEC Hester Peirce Crypto privacy
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