U.S. stocks dipped in early trading on Wednesday, with the Dow Jones Industrial Average, S&amp;P 500, and Nasdaq Composite opening lower amid renewed jitters over trade tensions between China and the United States. With stocks paring some gains early in…

Dow, S&P 500, Nasdaq slide amid U.S.-China chip feud

Despite price pullbacks and recent market volatility, a crypto analyst has 
predicted that Bitcoin (BTC) may still have room for another parabolic rally. 
The analyst cited historically reliable top indicators that suggest that the 
market has not reached its top yet, even as parabolic signals fail to trigger 
a surge. No Sign Of A Bitcoin Cycle Top — Yet In a recent post on X (formerly 
Twitter), market expert Crypto Con shared a comprehensive technical analysis 
rooted in the well-regarded top Bitcoin cycle indicators developed by DA_Prof. 
The accompanying chart revealed that Bitcoin’s current market trajectory has 
yet to reach the “cycle top” zone — a region that has consistently coincided 
with major market peaks in the past. Related Reading: Road To $320,000: 
Bitcoin Enters Trend Continuation, But $109,400 Must Hold Da Prof’s technical 
indicator model synthesizes insights from thirteen time-tested on-chain and 
market metrics. This multifactor approach has successfully predicted past 
cycle tops in 2013, 2017, and 2021, making it a valuable tool in potentially 
identifying long-term market turning points. According to Crypto Con, 
Bitcoin’s current price action and technical readings suggest that the 
flagship cryptocurrency may still be preparing for a final ATH rally. The 
analyst asserts that any potential cycle peak in 2025 will likely emerge only 
when Bitcoin enters a critical zone identified through the convergence of 
these thirteen advanced indicators. The metrics utilized in Da Prof’s 
indicator model include: Coin Value Days Destroyed (CVDD) Extension Net 
Unrealized Profit-Loss (NUPL) Market Value-Realized Value Z-score (MVRVZ) 
Calendar Seasonality (CSI: top near November 21) Puell Multiple (PUELL) 
Halving Seasonality (HSI: top near 538 days after halving event) Logue PolyLog 
Regression (PLR) Realized Price (RP) Extension Plus Directional Movement (PDM) 
Logarithmic MACD (LMACD) Pi Cycle Top (PCT) Transaction Fee Spike (TFS) Risk 
Crypto Con noted that historically, when these indicators converged in the 
red-hot region, represented by the cluster of indicators in the lower heatmap 
section of the chart, the Bitcoin price experienced a dramatic peak followed 
by a significant crash. However, in the current cycle, none of Da Prof’s 
metrics have entered the zone. Instead, the readings across the lower bands of 
the model remain comparatively muted, suggesting that market euphoria has not 
yet reached past-cycle extremes. Parabola Signals Flash Early, But No Peak In 
Sight While Da Prof’s top Bitcoin indicators remain elusive, Parabola signals, 
another key feature of Crypto Con’s analysis, have flashed not once but three 
times in this cycle. These signals are historically linked with the early 
stages of Bitcoin’s explosive price rallies experienced during the previous 
bull markets. Related Reading: Is Bitcoin Price Turning Bullish Or Bearish? 
Crypto Analyst Reveals Critical Levels To Watch Yet despite these alerts, 
Bitcoin has failed to enter a true parabolic breakout phase so far in 2025. 
Crypto Con has indicated that the May 2025 parabola signal is especially 
notable, as it coincides with Bitcoin crossing the indicator’s Parabolic 
Boundary. This breach, paired with the absence of Da Prof’s indicator stack, 
creates an unusual setup. Emphasizing this anomaly, Crypto Con posed a 
rhetorical question: “No cycle top + parabola signal = ?” —- hinting that 
Bitcoin’s true bullish climax may still be ahead. Featured image from Adobe 
Stock, chart from Tradingview.com

Bitcoin Top Indicator Says It’s Not Over Yet As Parabola Signals Fail

The Texas House passed Senate Bill 21 (SB 21) on Wednesday to create a state- 
managed bitcoin reserve, advancing it to Governor Greg Abbott’s desk for final 
approval or veto within 20 days. Cryptocurrency in State Hands: Texas 
Legislature Passes Bitcoin Reserve Bill The bill, titled the Texas Strategic 
Bitcoin Reserve and Investment Act, aims to […]

Texas House Approves Strategic Bitcoin Reserve Bill, Awaits Governor’s Signature

This content is provided by a sponsor. Is the crypto market gearing up for its 
next big breakout? All signs suggest that Bitcoin ( BTC) and Ethereum ( ETH) 
are building momentum for a massive bull run, with experts and enthusiasts 
eyeing a potential moonshot. But while the crypto giants hog the limelight, 
there’s another […]

Bitcoin, Ethereum, and Lightchain AI Climb Towards a Bull Run Moonshot

**Key takeaways:**
 * Spot Bitcoin ETF inflows and low leverage suggest the BTC rally has room to grow.
 * US Federal Reserve liquidity and weak bond sales support a Bitcoin push beyond $110,000.
Bitcoin (BTC) was unable to sustain its bullish momentum after reaching a new 
all-time high of $109,827 on May 21, which led traders to question whether 
derivatives markets mainly drove the rally. From a broad perspective, the $77 
billion in Bitcoin futures open interest has undoubtedly played a role. 
However, a closer look at the data shows a more positive outlook for further 
price gains.
_Bitcoin 2-month futures annualized premium. Source:__Laevitas.ch_
The current 7% annualized Bitcoin futures premium is well within the neutral 
range of 5% to 10%, which has been typical for the past two weeks. This 
indicator can easily exceed 30% during periods of strong optimism, so the 
current level is relatively low. At the same time, the absence of excessive 
leverage reduces concerns about a rally driven primarily by derivatives.
## Balanced order books and spot Bitcoin ETF inflows point to spot-driven 
rally
For comparison, during the previous Bitcoin $109,346 all-time high on Jan. 20, 
the annualized futures premium reached 15%, showing a much higher level of 
leveraged bullish positions affecting the price. Therefore, the current 
Bitcoin derivatives market appears healthier, suggesting strong demand in spot 
markets.
During the January bull run, Bitcoin&#8217;s price on Coinbase traded at a premium 
compared to other exchanges. This so-called Coinbase premium is not present 
now, which means buying pressure is more evenly spread out&#8211;a sign of a 
healthier market.
_Coinbase Bitcoin/USD relative to competitors. Source: TradingView / 
Cointelegraph_
While excessive buying pressure on a single exchange is not necessarily 
bearish, it can make it easier to trigger unsustainable price surges when 
liquidity is low. This data supports the idea that derivatives markets were 
not the main driver of the recent price increases.
Moreover, the $1.37 billion in net inflows to spot Bitcoin exchange-traded 
funds (ETFs) in the United States between May 15 and May 20 further suggests 
that spot buyers, rather than derivatives traders, were the primary force 
behind the rally.
Despite the lack of conviction in Bitcoin futures, several indicators point to 
further upside. Forced liquidations of bearish BTC futures positions were 
relatively low at $170 million between May 18 and May 21, cementing the idea 
of a spot-driven rally. In comparison, the rally to $104,000 on May 9 
triggered $538 million in liquidations over three days.
_**Related:**__**Is Bitcoin price close to a cycle top? &#8212; 5 indicators that 
help traders decide**_
 _Bitcoin options put-to-call ratio at Deribit. Source:__Laevitas.ch_
On May 21, Bitcoin options markets showed a slight increase in demand for put 
(sell) options, but nothing unusual. For comparison, the put-to-call ratio at 
Deribit dropped to 0.4x during the previous bull run on Jan. 20, reflecting 
lower confidence due to reduced volumes in call (buy) options.
Bitcoin&#8217;s upward movement may have been limited by macroeconomic factors, 
especially as the tariff war continues. Still, the potential for the price to 
reach $110,000 and higher is partly based on the weak position of the US 
Federal Reserve. Injecting liquidity could ease recession concerns, but it 
also reduces the appeal of government bonds, which favors risk-on assets like 
Bitcoin.
This article is for general information purposes and is not intended to be and 
should not be taken as legal or investment advice. The views, thoughts, and 
opinions expressed here are the author&#8217;s alone and do not necessarily reflect 
or represent the views and opinions of Cointelegraph.

Bitcoin hits new highs in the absence of ‘unhealthy’ leverage use — Will the rally continue?

Texas is on the verge of becoming the third U.S. state to establish a state- 
managed Bitcoin. The Texas Strategic Bitcoin Reserve and Investment Act, SB 
21, was approved by the House of Representatives with a vote of 101-42. The 
bill…