On-chain and macro signals resonate, bullish market expectations heat up

Two major key signals simultaneously emit bullish signals, further boosting Bitcoin's rise.
On one hand, the bullish indicator on the on-chain analysis platform CryptoQuant turned positive on May 12, marking the first time since March 2023. The last time this indicator turned positive, Bitcoin's cumulative increase was nearly 200%;
On the other hand, the so-called "god-level indicator" Copper-Gold ratio recently broke through the 200-day moving average, with a reading of 0.00142. This signal is almost identical to that before the 2020 Bitcoin bull market started. Historically, every time the Copper-Gold ratio experienced a similar breakout, it marked the beginning of a major upward cycle for Bitcoin.
Additionally, QCP Capital's analysis points out that despite recent outflows from spot ETFs, Bitcoin can still remain above $80,000. This resilience highlights strong underlying market demand, and moderate inflation data is expected to further ease Federal Reserve tightening expectations, providing liquidity support for crypto assets.

Market structure optimization, significant reduction in selling pressure risk
The current Bitcoin market structure continues to improve, further supporting price increases. Data shows that traders' unrealized profit rates have reached 17.7% (the highest since June last year), indicating some profit-taking pressure. However, Bitcoin reserves on exchanges have fallen to their lowest levels since 2018, with 75% of circulating supply unspent for over a year, indicating a high degree of token lock-up. Meanwhile, the funding rate for perpetual contracts has shifted from negative to neutral, clearly releasing prior short-term pressure. Market makers' short gamma exposure around $82,000 may trigger hedging buy orders, further pushing prices upward.