Bitcoin rebounds on Trump remarks and reports of US-Iran contacts… Ethereum sees a 'short squeeze,' while XRP shows mixed signals with a sell indicator [Lee Su-hyeon’s Coin Radar]

<Lee Su-hyeon’s Coin Radar> is a weekly column that tracks trends in the virtual asset (cryptocurrency) market and explains the drivers behind them. Going beyond a simple list of price moves, it provides a multi-layered analysis of global macro issues and investor positioning to offer insights into where the market may be headed.

Major coins

1. Bitcoin (BTC)

Bitcoin posted a rebound this week, at one point regaining the $70,000 level. As of the 6th, it is still trading around $71,000.

One driver of the move was US President Donald Trump’s remarks on regulation. On the 4th (local time), Trump wrote on Truth Social, the social media platform he created, about stablecoin regulation, criticizing that “the banking sector is effectively holding the crypto market structure bill (CLARITY Act.) hostage.” He stressed that “banks must reach an agreement with the crypto industry, and Congress should pass the bill quickly.”

The comments helped improve market sentiment by fueling expectations that the regulatory environment could be reshaped in a more industry-friendly way. Attention intensified further after it emerged that, just before the remarks, Trump held a private meeting with Brian Armstrong, CEO of Coinbase.

Geopolitical developments also influenced sentiment alongside political signals. On the 5th, The New York Times reported that Iranian intelligence authorities had indirectly contacted the CIA to convey their willingness to discuss terms for ending the conflict. As the news spread, expectations grew for easing Middle East tensions. With risk appetite recovering, Bitcoin rebounded about 8%.

Still, investor sentiment does not appear to have fully recovered. In the options market, put options are trading at premiums about 10% higher than call options, indicating investors are still hedging downside risk.

On-chain indicators point to a similar mood. According to Glassnode, about 43% of bitcoin currently in circulation is sitting at an unrealized loss based on purchase price. That compares with roughly 30% in late January, when bitcoin was near $90,000, indicating a sharp increase in underwater supply. This has led to analysis that even if prices rebound, supply could emerge from holders looking to sell at breakeven.

In the near term, the $70,000–$72,000 range is cited as a key resistance zone. Ayush Jindal, an analyst at NewsBTC, said “bitcoin needs to break above and hold that zone for additional upside.” Christopher Lewis, an analyst at DailyForex, also said “a break above $72,000 could be a key signal confirming buyers have the upper hand.” Longer term, however, $60,000 is still seen as acting as a strong support level.

2. Ethereum (ETH)

Ethereum rebounded this week and is trading above the $2,000 level. As of the 6th on CoinMarketCap, ethereum is changing hands around $2,080.

The rise is being attributed to a short squeeze. According to investment outlet FXEmpire, ethereum jumped about 9% in a day, breaking through the key resistance around $2,150, while trading volume increased roughly 24%.

During the move, large-scale liquidations of short positions occurred. Over about 24 hours, roughly $430 million in short positions were cleared, including about $100 million in ethereum shorts. Forced liquidations amplified upward pressure.

A sharp pickup in market activity also stands out. According to CryptoQuant, Binance’s ethereum turnover recently hit its highest level in six months. The amount of ethereum traded over the past 30 days was about 29.6 million, the highest since September last year.

Rising turnover means the same asset is changing hands multiple times over a short period, a pattern often seen when volatility increases or investors reshuffle positions.

In price outlooks, the $2,100 area is mentioned as a key zone. FXEmpire said that if buying flows in around that area, upside could open toward $2,750. By contrast, FXStreet pointed to $2,150 as near-term resistance, projecting that a breakout could lift prices to $2,300. However, if $2,000 breaks, a drop toward $1,900 cannot be ruled out.

3. XRP (XRP)

XRP traded around $1.4 this week, showing a relatively muted upside move among major coins. As of the 6th, it is trading at $1.41 on CoinMarketCap.

The relatively limited performance is attributed to on-chain data showing signs of rising selling pressure. According to Glassnode, XRP’s exchange net position change indicator had shown outflows for about two weeks before recently flipping to positive. In general, rising exchange inflows are interpreted as a signal of selling preparation.

Network activity has also slowed. The number of payment transactions on the XRP Ledger (XRP Ledger) fell about 53%, from 2.18 million to roughly 1.03 million. Trading volume on the XRPL decentralized exchange (DEX) also plunged about 83%, from $30.85 million to $5.09 million.

However, derivatives markets show another signal. XRP futures open interest rose about 18% from March 2 to 5, while the funding rate shifted from negative into positive territory, suggesting an increase in long positions.

More recently, as prices moved sideways, open interest and the funding rate declined again, indicating some leveraged positions are being unwound.

In price outlooks, the $1.41–$1.47 range is cited as a key inflection zone. Crypto outlet BeInCrypto said that if XRP breaks above this range, a cup-and-handle pattern could be completed, with a target price of $1.59 and potentially opening the way toward the $1.70 area. It added, however, that support at $1.37–$1.33 must hold, and a drop below $1.26 could invalidate the bullish structure.

Issue coin

1. Sui (SUI)

Among altcoins this week, Sui drew attention. On the 5th, it rose as high as around $0.98, coming close to breaking above $1, but it has since given back most of its gains and is trading around $0.95.

A key catalyst for the move was a stablecoin launch event. On the 5th, Sui introduced its native stablecoin, Sui Dollar (USDsui), on mainnet. The market reacted quickly after launch, and Sui gained about 6% over roughly 24 hours, but later gave back most of the advance.

Sui Dollar is issued by Bridge, a subsidiary of payments company Stripe. Built on Bridge’s ‘Open Issuance’ platform, it is a digital dollar designed with global payments and scalable finance in mind. With this launch, it can now be used across Sui-based DeFi services such as Slush, Bluefin, and Scallop, and it also supports interoperability with other stablecoins. In that sense, it is viewed as a meaningful event for ecosystem expansion.

Still, some caution remains about the near-term price action. Market participants broadly see stablecoin adoption and DeFi expansion as positive over the long term, but many say it is still hard to argue that a strong uptrend has formed. Technically, the area around $1 is identified as a major resistance level. If it fails to break that zone, analysis suggests a range-bound move could persist for the time being.

Lee Su-hyeon, Bloomingbit reporter shlee@bloomingbit.io