Bitcoin, Ethereum, Dogecoin Rise Amid Increasing Sell Pressure: Is Apex Crypto At Risk Of 'Summer Lull?'

Major coins traded in the green on Sunday as investors continue to evaluate the macroeconomic conditions and uncertainties within the cryptocurrency industry.

What Happened: Bitcoin faced substantial sell pressure last week, as it struggled to maintain its position above the $30,000-range.

At the time of writing, the global crypto market capitalization stood at $1.18 trillion, up over 1.00% over the last day. 

U.S. stock market ended little changed on Friday as investors evaluated the latest earnings results. The S&P 500 eked out a 0.09% gain while the Nasdaq Composite rose 0.11%.

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News Highlights: On April 25, an auction is scheduled in New York for the assets belonging to the bankrupt crypto lender, Celsius Network. Two new consortiums are set to dispute these assets, with reports and court filings confirming that industry leaders Gemini and Coinbase COIN are among the companies participating in the bids.

Analyst Notes: In a recent video, crypto trader Benjamin Cowen sounded a note of caution regarding Bitcoin’s short-term prospects. He warned that the cryptocurrency could be headed for another “summer lull,” citing the fact that BTC experienced significant downturns in both April 2021 and 2022, with local tops preceding multi-month periods of decline.

According to the analyst, it appears that BTC may not fully emerge from its bear market until late this year or early next year if current patterns persist.

Crypto analyst Michael Van de Poppe predicts that altcoins could drop towards new lows but with the potential for a bullish divergence on multiple timeframes. Despite this, Bitcoin has held its ground so far. However, the recent rejection at $27,800 led to a sweep lower, and Van de Poppe believes that we may see further testing at lower levels before the price reverses and begins to trend upwards again.

On-chain analytics platform Glassnode reported that the amount of Bitcoin supply that has been active in the last two to three years has just reached a 2-year high. This indicates that numerous BTC holders have begun to move their coins, suggesting that many of them could potentially be offloading them in anticipation of an increase in sell pressure.

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