Bitcoin goes vertical: $160K ahead?

May 09, 2025

Reading time: 5 minutes

Cardano breaks out: $1 in sight as golden cross ignites bullish momentum

Key points:

  • ADA surged over 9% to $0.81, forming a golden cross on the hourly chart and flashing bullish technicals.

  • Trading volume jumped nearly 99%, signaling rising investor interest amid a broader market rally.

  • 74% of ADA's supply is now in profit, with bullish momentum suggesting a potential retest of $1.

News - Cardano (ADA) has broken out of a multi-week downtrend, climbing past $0.81 with a 9% intraday gain and triggering a golden cross on its hourly chart. The breakout marks ADA’s highest level in two months and could pave the way for a move toward the psychologically significant $1 mark.

The rally comes amid a nearly 99% surge in trading volume to $1.78 billion, indicating fresh bullish momentum. The golden cross — where a short-term moving average crosses above a long-term one — is widely seen as a bullish signal, especially when accompanied by volume expansion and upward price confirmation.

Adding to the optimism, on-chain data from Santiment shows 74.14% of ADA’s circulating supply is now in profit, reflecting a renewed wave of accumulation. This is typically a bullish sign, especially when supported by a positive funding rate in the ADA derivatives market, which currently stands at 0.0099%.

Technicals point to strength - ADA’s breakout above the descending channel has been confirmed by multiple indicators. The Awesome Oscillator (AO) has flipped positive, while the Money Flow Index (MFI) sits at a strong 92.51 — both pointing to sustained buying pressure. The Relative Strength Index (RSI) has also hit a multi-month high.

Price targets and risks - If momentum holds, ADA could break resistance at $0.92 and push toward $1.02, with a high-liquidity target around $1.10, as per liquidation heatmaps.

However, a reversal below $0.76 support could invalidate this rally, dragging ADA back toward $0.66 if profit-taking accelerates.

Bitcoin’s parabolic push: $160K projections, ETF inflows fuel fresh highs

Key points:

  • Bitcoin surged past $104K, sparking new parabolic price forecasts ranging from $137K to $160K.

  • Spot Bitcoin ETFs added over $259M in net inflows between May 7–8, led by ARKB, IBIT, and FBTC.

  • Metaplanet plans another $21M bond sale to buy more BTC, taking its holdings to 5,555 BTC.

News - Bitcoin (BTC) is making headlines again as it soared above $104,000 on May 9—its highest level since January—rekindling bullish momentum and pushing analysts to project fresh all-time highs of up to $160,000.

The rally coincided with surging institutional interest. Data from Farside Investors shows spot Bitcoin ETFs absorbed $142.3 million on May 7, followed by $117 million on May 8. The ARK 21Shares Bitcoin ETF (ARKB), Fidelity’s Wise Origin (FBTC), and BlackRock’s iShares (IBIT) led the pack. BlackRock alone scooped up over 86 BTC worth $8.4 million in a single transaction.

Parabolic sentiment builds - Technical analysts like Aksel Kibar and Matthew Hyland believe the November 2024 breakout candle marked the start of a new cycle. Hyland noted that if the current momentum holds, Bitcoin could climb toward “crazy numbers” like $160,000, with RSI strength signaling more upside.

Still, some short-term traders are locking in profits at key resistance levels near $104K. On-chain watchers suggest this is a logical move given the high timeframe resistance zone, though broader sentiment remains bullish.

Institutions and Asia join in - Japan-based Metaplanet is doubling down. The firm, which already holds 5,555 BTC, announced a third zero-coupon bond issuance—this time worth $21.25 million—to fund additional Bitcoin buys. Its aggressive accumulation strategy has made it the largest public BTC holder outside North America.

As ETF flows continue and institutional conviction deepens, Bitcoin’s parabolic trajectory may just be getting started.

Gemini eyes EU derivatives boom with new Malta license

Key points:

  • Gemini has secured a MiFID II license from Malta, allowing it to offer crypto derivatives across the EU and EEA.

  • The exchange will launch perpetual futures and other products for advanced users in coming months.

  • This move aligns Gemini with the growing crypto derivatives trend, following Coinbase’s $2.9B Deribit acquisition and Kraken’s NinjaTrader deal.

News - Gemini has received a green light to enter Europe’s regulated crypto derivatives market. The U.S.-based exchange, founded by the Winklevoss twins, announced it secured a Markets in Financial Instruments Directive (MiFID) II license from Malta’s Financial Services Authority (MFSA) on May 9.

The license allows Gemini to offer regulated crypto derivatives—starting with perpetual futures—across the European Union and European Economic Area. The rollout will begin with advanced users and expand as Gemini works toward meeting additional regulatory requirements for full-scale operations.

“This is a hugely exciting development in our 2025 European expansion,” said Mark Jennings, Gemini’s Head of Europe. “It puts Gemini one step closer to offering our derivative products to both retail and institutional users in the EU and the EEA.”

Gemini’s Malta-based entity, Gemini Intergalactic EU Artemis, received the license on May 8. The exchange has yet to secure a full Markets in Crypto-Assets (MiCA) license but confirmed that it continues working toward that goal.

Derivatives: The new crypto battleground - Gemini’s move follows a broader industry pivot toward derivatives as a major revenue stream. Coinbase recently acquired Deribit for $2.9 billion, while Kraken closed its own $1.5 billion deal for NinjaTrader.

In this context, Gemini’s regulatory win marks a strategic foothold in one of crypto’s fastest-growing verticals—at a time when the EU is becoming a preferred jurisdiction for expansion, thanks to MiCA and more regulatory clarity.

Why Europe? - With the MiCA framework creating a more predictable compliance environment, Europe is becoming a magnet for crypto firms seeking legitimacy and access to a wider investor base.

Gemini’s Malta strategy—along with its six existing European VASP registrations—reflects an intent to be early in regions where regulatory guardrails support innovation. By launching derivatives via an SEC-recognized license and aligning with MiCA, Gemini signals its long-term commitment to regulated crypto markets.

Germany seizes $38M in crypto from eXch in major money laundering crackdown

Key points:

  • German authorities shut down crypto exchange eXch, seizing over $38 million in Bitcoin, Ethereum, Litecoin, and Dash.

  • eXch allegedly laundered funds from the Bybit hack, Genesis theft, and other exploits, processing over $1.9 billion in illicit crypto.

  • The platform operated without KYC or AML measures, and advertised itself on criminal forums across the Clearnet and Darknet.

News - In one of Germany’s largest crypto enforcement actions, authorities have dismantled cryptocurrency exchange eXch, seizing €34 million (~$38.5 million) in digital assets and over eight terabytes of data. The operation was carried out by the Frankfurt Public Prosecutor’s Office, Federal Criminal Police Office (BKA), and the Central Office for the Combat of Internet Crime (ZIT).

eXch, which had operated since 2014, was widely known for facilitating anonymous swaps between BTC, ETH, LTC, and DASH without registration, anti-money laundering (AML) measures, or KYC compliance. According to officials, the platform enabled over $1.9 billion in crypto transfers, much of which is suspected to be of criminal origin.

Linked to Bybit hack and more - Investigators suspect eXch was a key laundering hub for proceeds from multiple high-profile crypto exploits, including the $1.5 billion Bybit hack, the $243 million Genesis creditor theft, the Multisig and FixedFloat exploits, and numerous phishing drainer campaigns.

Crypto analyst ZachXBT noted that eXch was used to launder $35 million worth of ETH stolen in the Bybit attack, often by bridging funds to Bitcoin via Chainflip.

eXch’s shutdown wasn’t enough - Though eXch announced a voluntary shutdown on May 1, citing a “hostile environment,” German authorities had already seized the platform’s servers and assets the day prior. Prosecutors emphasized that crypto swapping platforms like eXch enable large-scale underground financial activity, underscoring the need for stringent action.

With this move, eXch joins the ranks of other dismantled illicit crypto services like ChipMixer and Hydra, as Europe ramps up efforts to target unregulated crypto infrastructure.

Crypto scams uncovered

  • A scam targeting ERC-2612 tokens exploits their "gasless transfer" feature, allowing attackers to drain wallets using only the owner's signature—no transaction approval required. This technique has been used to steal funds from unsuspecting users.

  • Cybercriminals have compromised official government websites in countries like Egypt and Nigeria, redirecting visitors to fake MetaMask download pages. These fraudulent sites prompt users to install malicious software, granting scammers full access to victims' crypto wallets. 

  • On May 14, 2024, Tether froze $5.2 million worth of USDT associated with phishing scams. The funds were held in 12 Ethereum wallets identified as "USDT Banned Addresses," highlighting ongoing efforts to combat crypto-related fraud.

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Top 3 coins of the day

Ethereum (ETH)

Key points:

  • At press time, ETH was trading at $2,289, reflecting a 3.77% increase over the last 24 hours.

  • It was one of the top gainers and trending cryptocurrencies according to CoinMarketCap.

What you should know:

Ethereum witnessed a sharp price surge following the activation of the long-awaited Pectra upgrade, which appears to have restored market confidence. On the daily chart, ETH broke out above its upper Bollinger Band on strong volume, signaling intensified buying pressure. This bullish momentum was further validated by a sharp spike in the Chaikin Money Flow (CMF), which hit +0.18 — a sign of strong capital inflows. The upgrade has been perceived as a pivotal technical improvement, sparking the biggest single-day gain for ETH since 2021. ETH now trades significantly above its 20-day Bollinger Band midline and is approaching the psychological resistance level at $2,300. If bulls maintain momentum, a retest of the $2,500 zone could be next, but traders should remain alert for a short-term pullback given the overextended Bollinger Band breakout.

Dogecoin (DOGE)

Key points:

  • At press time, DOGE was trading at $0.20, reflecting a 1.89% increase over the last 24 hours.

  • It was among the top trending memecoins as trading volume spiked significantly.

What you should know:

Dogecoin continued its bullish streak after crossing the $0.20 mark, buoyed by growing interest in memecoins and a fresh wave of investor optimism. On the daily chart, DOGE closed above its 9-day SMA, signaling short-term strength. The Awesome Oscillator (AO) flipped green again after a consolidation phase, indicating a positive shift in market momentum. DOGE's recent price action coincided with news of a new layer being added to the Dogecoin ecosystem, expanding its technical capabilities and utility. Analysts have also pointed out DOGE’s resilience during broader market corrections, labeling it a leading memecoin poised for further upside. With rising volume and sustained trend strength, DOGE could attempt a breakout past its next resistance at $0.23 if the sentiment holds.

Bitcoin Cash (BCH)

Key points:

  • At press time, BCH was trading at $406, down 3.60% over the last 24 hours after a recent high above $420.

  • Despite the dip, BCH remained above its 9-day SMA, signaling underlying bullish strength.

What you should know:

Bitcoin Cash experienced a slight correction after its strong breakout past the $400 mark earlier this week. Although the daily close marked a pullback, BCH maintained a higher low structure and stayed above its short-term moving average, reflecting sustained momentum. The Relative Strength Index (RSI) hovered around 64, nearing the overbought zone but not yet suggesting exhaustion. Recent news of BCH outperforming major resistance zones and attracting technical traders contributed to last week’s rally. Analysts have pointed out that BCH’s support base appeared more resilient than its overhead barriers, which may lead to further upside if bulls reclaim control. However, today's drop highlighted short-term profit-taking, with traders now watching $395 as the immediate support and $430 as the next resistance to beat.

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