CryptoQuant's Bitcoin Bull-Bear Market Cycle Indicator has turned green for the first time since March 2023, shifting into what it labels an "Early Bull" phase. The move follows the indicator's drop into an "Extreme Bear" reading after the early-February sell-off and its subsequent recovery through March, April, and May. Bitcoin was trading around $80,700 at the time of writing, down 0.5% over the past 24 hours.

Bitcoin has continued grinding higher with only shallow pullbacks, showing limited evidence of heavy distribution as it consolidates after clearing several key levels. Analyst Sykodelic says BTC has held above the bull market support band for 10 straight days and recently closed above the 200D EMA, while another analyst, Minga, flags $82,100 as resistance and $80,600 as local support.

Bitcoin slipped below $80,000 on May 12, then rebounded, as markets digested President Donald Trump’s comments that the U.S.-Iran ceasefire was "on life support" and U.S. CPI coming in at 3.8% versus a 3.7% forecast. Over the past 24 hours, BTC dropped 1.6%, cutting its market cap to $1.61 trillion, while liquidations hit $57 million in longs versus $7.5 million in shorts. Traders are also watching the May 13 PPI release for signs inflation pressure is persisting.

On May 12, 2026, Bitcoin Suisse said its affiliate Bitcoin Suisse (International) Ltd. received a Class F license under Bermuda's Digital Asset Business Act and Class B registration under the Investment Business Act 2003. The Bermuda Monetary Authority's pre-operational approvals would allow the Bermuda-based entity to offer regulated digital asset asset management and investment advisory services to professional and institutional clients once customary conditions are met.

Bitcoin’s on-chain activity has accelerated, with the daily transaction count climbing to about 831,000 over the past three days. The pickup in transfers comes as BTC traded around $80,170, while analysts flagged a sell wall near $82,200 and pointed to macro risks such as U.S. CPI at 3.8% and an upcoming Clarity Act markup vote.

MARA Holdings reduced its Bitcoin treasury by selling 3,386 BTC in the first quarter of 2026 while repositioning toward AI and high-performance computing data centers. The company still held 35,303 BTC after the sale and said proceeds supported acquisitions, liquidity, and the repurchase of convertible senior notes.

On May 12, Strategy (Nasdaq: MSTR) Executive Chairman Michael Saylor said the CLARITY Act could broaden institutional participation in bitcoin-related markets by clarifying U.S. rules around custody, collateral, and digital-asset exposure. He described Strategy’s framework as BTC as “digital capital,” STRC as “digital credit,” and MSTR as “digital equity,” arguing that regulated digital-yield infrastructure could support demand for STRC, MSTR and bitcoin-linked securities.

Bhutan has transferred 100 BTC worth $8.1 million from its holding wallets as it continues to reduce its sovereign Bitcoin stash. Since the start of 2026, it has sold $230.39 million in BTC and still holds about 3,119 BTC worth over $250M, with Arkham expecting the reserve could be depleted before the end of September.