[Digital Today reporter Yoonseo Lee (이윤서)] Bitcoin has undergone a 2.5 percent correction from a recent peak, but an analysis said its upward trend remains intact.

On May 12 (all times local), blockchain media outlet Cointelegraph reported that market analysts see Bitcoin’s bullish structure continuing based on 4 indicators: price momentum, stablecoin liquidity, network activity and spot buying flows.

Asset management firm Swissblock assessed that Bitcoin remains in a full momentum state despite the recent pullback. It said a pause followed a multi-month high of $82,800 set on May 6, but the latest rally revived price momentum and pushed it into a full expansion phase.

Bitcoin is now finding support around $80,000. That area is where the market average cost basis overlaps with the short-term holder average cost basis. By contrast, around $85,000, described as the active realized price, was presented as resistance. Analyst Great Matsby (그레이트 매츠비) said Bitcoin’s bull-market support has turned back into a support line and the 21-week exponential moving average has moved above the 20-week simple moving average.

On liquidity, the stablecoin supply ratio is improving. CryptoQuant data showed the stablecoin supply ratio recovering after moving out of the below-10 range, where past market bottoms formed. It was also noted that each time the indicator rebounded from low levels, Bitcoin has broken out of its range and posted a strong rebound.

The Binance stablecoin supply ratio oscillator (SSR) also pointed in the same direction. Bitcoin’s 90-day stablecoin supply ratio oscillator moved back into positive territory and rose to 2.8, the highest in 12 months. CryptoQuant analyst ChzCrypto (지즈크립토) assessed that stablecoin-based buying demand has become more active in the current rebound phase.

On-chain activity also increased markedly. Bitcoin’s daily transaction count rose 116 percent in May and climbed to 831,450 on May 9. That was similar to levels seen in September 2024. At the time, Bitcoin later rose above $100,000 in a sharp market surge after the U.S. presidential election. Analyst CW8900 (CW8900) rated current Bitcoin network activity as more active than when it was at $100,000.

Daily active addresses rose 7.1 percent over the past week to 707,719. Total fees over the same period increased 37 percent to $279,300. The rise in transaction counts, active addresses and fees together indicates that actual network use is expanding.

In fund flows, spot-market buying dominance strengthened. A CryptoQuant researcher, Ray (레이), analyzed that Bitcoin’s 90-day spot taker cumulative volume delta (CVD) shows a “significant shift” in the fund-flow structure. The indicator turned positive in early May when Bitcoin broke through $78,000 resistance and has maintained an uptrend since.

Glassnode data also confirmed expanding spot demand. Bitcoin CVD rose 47 percent to $62 million from $42 million a week earlier. Glassnode said the increase shows an expansion of aggressive buying by market participants.

The market is now watching whether Bitcoin can hold the $80,000 support level and break through $85,000 resistance. With MVRV also showing early signs of improving market structure, attention is on whether spot buying and a recovery in stablecoin liquidity lead to further gains.

Bitcoin is still at full momentum. The latest reset looked similar to previous failed ignition attempts: → Momentum briefly recovered → Failed to sustain above the transition zone → Rolled back into negative momentum But this time was different. Momentum successfully… pic.twitter.com/EBZdNLW0rD