Crypto weekly recap: is Bitcoin headed for $100K? TRUMP and SUI up over 75%
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With concerns around the US-China trade wars easing, Bitcoin managed to break out of a multi-week downtrend this week.
Crypto’s total market cap soared past $3 trillion once again, last seen in early March.
Sentiment also turned a corner, with the Fear & Greed Index climbing to 60, its first brush with ‘greed’ since February.
Altcoins wrapped up the week on a high, with most major tokens logging double-digit gains during late Asian trading hours on Friday.
Why did Bitcoin rally this week?
A combination of macroeconomic shifts and political developments helped set the stage for Bitcoin’s recovery.
One of the key drivers was the weakening US dollar, which dropped to its lowest level since March 2022.
That slide followed fresh pressure on the Federal Reserve to cut interest rates, after President Donald Trump criticised Fed Chair Jerome Powell and hinted at removing him.
The political interference raised concerns about central bank independence, shaking investor confidence in the dollar.
This uncertainty pushed investors towards traditional safe havens like gold, which climbed to new all-time highs this week.
Bitcoin, often described as “digital gold,” benefited from the same flight-to-safety sentiment, especially among younger investors who tend to favour crypto over commodities.
At the same time, there were signs of easing tensions between the US and China.
Treasury Secretary Scott Bessent described the current tariff environment as “unsustainable” and hinted at near-term de-escalation.
Trump also added that tariffs on Chinese goods “will come down substantially,” which lifted market sentiment and encouraged a renewed appetite for risk assets, including equities and cryptocurrencies.
The improving outlook saw institutional interest return to the market.
Spot Bitcoin ETFs, which had recorded heavy outflows over the past few weeks, pulled in over $2.6 billion in net inflows by Thursday, marking their strongest week since November 2024.
That sharp turnaround in demand reinforced Bitcoin’s price action, helping the asset break out of its multi-week downtrend and regain momentum across the broader crypto market.
Will Bitcoin return to $100k?
Bitcoin climbed to fresh seven-week highs above $95,000 this week. The move followed a clean bounce off its yearly open at $93,500, which acted as intraday support.
As short positions were flushed out, the path toward $100,000 started to look more realistic, especially with upside liquidity thinning out across exchange order books, according to CoinGlass data.
Traders are now watching key technical levels. According to analyst Daan from Crypto Trades, BTC has reclaimed its Bull Market Support Band, a group of moving averages that had previously flipped to resistance.
A sustained weekly close above this zone could signal a continuation of the broader uptrend, potentially setting the stage for new all-time highs, the analyst noted.
Analyst Alphs BTC also held a similar opinion about the $95k support level. Unless BTC can convincingly reclaim $95K, AlphaBTC expects price action to remain stuck between $93,000 and $95,000 in the short term.
“The best case,” he said, “is BTC consolidating and building a base before pushing higher to take liquidity above $100K.”
For now, the market seems content testing the ceiling while gathering strength for its next move.
On the technical front, Bitcoin’s breakout from a textbook bull flag added fuel to the bullish narrative.
According to trader Merlijn, this setup has historically marked the beginning of sharp parabolic moves.
Still, not everyone is convinced the rally has legs, at least not yet.
According to market commentator Skew, Bitcoin is currently caught in a tug of war between a high-volume seller and an equally aggressive passive buyer.
Without that buy-side support, he warned, prices could dip much lower.
“Eventually one will throw in the towel,” he noted, adding that volatility is likely to follow once that balance breaks.
Keith Alan, cofounder of Material Indicators, also urged caution.
He observed that while Bitcoin’s price has pushed higher, trading volume has been declining, which is often a red flag for sustainability.
Combined with repeated wicks below the yearly open and a fresh bearish signal from one of his platform’s proprietary tools, the setup looks shaky.
A move above $95,000 could cancel out the signal, Alan noted, but without a strong catalyst, he believes such a breakout would likely be driven by short covering rather than genuine buying pressure.
At the time of writing, Bitcoin was trading at $95,124, up 12.5% this week.
Altcoins bounce back
Most of the top altcoins were in the green by Friday, with the sector’s total market cap up 12.15% to $1.2 trillion.
Still, there was no shift in the altcoin season index, which held steady at 15, signalling that the market remains firmly in Bitcoin territory.
That said, several of the top 99 altcoins still managed to close the week with double-digit gains. The biggest movers were:
Official Trump
Official Trump (TRUMP), the official memecoin tied to U.S. President Donald Trump, rallied 76% over the past week and was trading at $13.6, at the time of writing.
Its market cap was set at $2.72 billion, although daily trading volume had dropped by 66% to $1.87 billion.
Source: CoinMarketCap
The rally came after Trump announced two exclusive events for top TRUMP investors.
According to the coin’s official site, the 220 biggest holders are invited to a private gala dinner with the president on May 22 at Trump National Golf Club near Washington, D.C.
Besides the dinner, which is described as the “most EXCLUSIVE INVITATION in the world”, the top 25 holders will also get an exclusive VIP reception with Trump and a White House tour.
Sui
Over the past 7 days, Sui gained 75%, exchanging hands at $3.73 while its market soared to past $12 billion.
As of press time, its daily trading volume was hovering over $3.72 billion, up 38% over the previous day.
Source: CoinMarketCap
SUI’s recent price rally seems to be fueled by a few major factors, with the biggest one being a rumored partnership with Pokémon, a popular Japanese media franchise.
The rumors kicked off after Parasol Technologies, now owned by Sui’s parent company, was mentioned in the developer policy of the Pokémon HOME app, hinting at a potential blockchain tie-in.
SUI also witnessed a spike in memecoin activity on the Sui network, along with a new partnership to launch a virtual Mastercard with xMoney.
Additionally, Sui’s total value locked (TVL) has jumped nearly 47% in the past week, hitting $2.8 billion. That makes it the 9th biggest blockchain by TVL, putting it ahead of Avalanche and Sonic.
Virtuals Protocol
Virtuals Protocol (VIRTUAL) was up 66% over the past 7 days, priced at $0.93 per coin, while its market cap stood at $611 million at the time of writing.
Source: CoinMarketCap
While no specific catalyst was pinpointed, VIRTUAL’s rally this past week came as the AI crypto market saw a strong comeback, with the sector’s total value up 24% and trading volume surging 134%.
The renewed interest followed David Sacks officially taking his seat as the US “AI and Crypto Czar.”
As one of the main agentic AI tokens, VIRTUAL rode that momentum, breaking out from a long accumulation phase, which likely triggered a buy signal for bulls.
The post Crypto weekly recap: is Bitcoin headed for $100K? TRUMP and SUI up over 75% appeared first on Invezz
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