Bitcoin has continued trading above its 7-day and 30-day moving averages and its market dominance has topped 60 percent. On May 3, local time, blockchain media outlet Cryptopolitan reported that 10x Research founder Markus Thielen (마르쿠스 틸렌) assessed this as a short- to medium-term bullish signal for Bitcoin.

In a post on X on May 3, Thielen said Bitcoin has risen 1.1 percent over the past week. He added that institutional buying and expanded holdings by large companies’ treasury units are underpinning market confidence.

Bitcoin’s rise came as the Bitcoin 2026 conference in Las Vegas coincided with the price climbing to $79,500. After that, it entered a brief sideways phase amid a “buy the rumour, sell the news” pattern. Thielen said investors are waiting for fresh buying momentum.

A factor he highlighted was the possibility of an announcement on a U.S. strategic reserve. Thielen said White House aides signalled an announcement related to a national-level strategic reserve. He explained that the possibility of a policy-level signal supporting Bitcoin is making market sentiment more positive.

With Bitcoin dominance above 60 percent, Thielen analysed that some altcoins have also shown a pattern of building a bottom. He added that it is necessary to watch privacy coins and real-world asset infrastructure-related projects that are drawing increased institutional interest.

Real-world asset infrastructure is a structure that converts traditional financial products such as bonds, stocks and real estate into digital tokens that can be used on blockchain networks. Thielen said that once Bitcoin’s correction ends, funds could flow into these areas.

Bitcoin rose 11.87 percent in April, posting its highest monthly return in the past 12 months. It was the best monthly performance since a 14.08 percent rise in April 2025. The April gain, however, fell slightly short of Bitcoin’s historical average April return of 12.98 percent. Based on CoinGlass data, Bitcoin has averaged a 7.78 percent return in May.