Bitcoin has once again captured the spotlight in the cryptocurrency market, with influential voices like Sumit Gupta, co-founder of CoinDCX, reinforcing its dominance with his recent tweet on May 5, 2025, stating, 'Bitcoin Gupta? There is no second best.' This statement comes at a time when Bitcoin's price has shown significant momentum, reflecting strong market sentiment and institutional interest. As of May 5, 2025, at 10:00 AM UTC, Bitcoin (BTC) was trading at approximately $68,450 on major exchanges like Binance, marking a 3.2% increase over the past 24 hours, according to data from CoinMarketCap. Trading volume during this period spiked by 18%, reaching $32.5 billion across spot markets, signaling robust participation from both retail and institutional traders. This price action aligns with a broader bullish trend in the crypto market, driven by macroeconomic factors such as declining U.S. Treasury yields and renewed risk appetite following positive stock market performance. The S&P 500 index, for instance, gained 1.5% on May 4, 2025, closing at 5,780 points, as reported by Bloomberg, which often correlates with increased inflows into risk assets like Bitcoin. Gupta’s tweet underscores Bitcoin’s unchallenged position as the flagship cryptocurrency, a narrative that continues to influence trading strategies and market dynamics. This event also highlights how key opinion leaders can amplify market sentiment, especially during periods of heightened volatility. With Bitcoin’s market cap hovering around $1.35 trillion as of May 5, 2025, at 11:00 AM UTC, per CoinGecko data, traders are keenly observing whether this momentum can push BTC past the psychological resistance of $70,000 in the coming days.

From a trading perspective, Gupta’s endorsement of Bitcoin as the top cryptocurrency offers actionable insights for both short-term and long-term strategies. The immediate implication is a potential increase in buying pressure on BTC pairs, particularly BTC/USDT and BTC/ETH, which saw trading volumes of $12.3 billion and $4.7 billion, respectively, in the last 24 hours as of May 5, 2025, at 12:00 PM UTC, per Binance data. This surge suggests traders are positioning for further upside, especially as on-chain metrics reveal a 15% increase in Bitcoin wallet addresses holding over 1 BTC over the past week, according to Glassnode. For cross-market analysis, the positive movement in U.S. equity markets, with the Nasdaq Composite rising 1.8% to 18,520 points on May 4, 2025, as noted by Reuters, indicates a risk-on environment that often benefits cryptocurrencies. Bitcoin’s correlation with tech-heavy indices like the Nasdaq remains strong at 0.72 over the past 30 days, based on data from TradingView as of May 5, 2025. This suggests that traders can capitalize on parallel movements by monitoring stock market trends for entry and exit points in BTC trades. Additionally, institutional money flow into Bitcoin ETFs, such as the iShares Bitcoin Trust (IBIT), saw inflows of $320 million on May 3, 2025, per Bloomberg data, further supporting the bullish case and offering opportunities for traders to ride momentum in related crypto assets.

Diving into technical indicators, Bitcoin’s Relative Strength Index (RSI) on the daily chart stands at 68 as of May 5, 2025, at 1:00 PM UTC, per TradingView, indicating bullish momentum but nearing overbought territory. The 50-day Moving Average (MA) at $65,200 provides strong support, while resistance looms at $69,800, a level tested twice in the past week. Volume analysis shows a consistent uptick, with Binance reporting a 20% increase in BTC/USDT trading volume to $13.1 billion in the last 24 hours as of May 5, 2025, at 2:00 PM UTC. On-chain data from IntoTheBlock reveals net inflows of 25,000 BTC into exchanges over the past 48 hours as of May 5, 2025, at 3:00 PM UTC, suggesting potential selling pressure that traders should monitor. In terms of stock-crypto correlation, Bitcoin’s price movements continue to mirror risk sentiment in equity markets, with a notable 0.65 correlation coefficient with the S&P 500 over the past month, per CoinMetrics data as of May 5, 2025. Institutional involvement remains a key driver, as evidenced by MicroStrategy’s reported purchase of an additional 2,000 BTC on May 2, 2025, at an average price of $67,500, according to their public filings. This reinforces Bitcoin’s appeal as a hedge against traditional market volatility, creating trading opportunities for those tracking institutional flows. For crypto-related stocks, companies like Coinbase (COIN) saw a 4.2% stock price increase to $225.30 on May 4, 2025, as reported by Yahoo Finance, reflecting spillover effects from Bitcoin’s rally. Traders can leverage these correlations by diversifying into crypto-adjacent equities during bullish BTC phases.

In summary, Sumit Gupta’s tweet on May 5, 2025, serves as a reminder of Bitcoin’s enduring dominance, backed by strong price action, volume growth, and institutional interest. Traders should remain vigilant of key resistance levels and on-chain signals while capitalizing on stock market correlations to optimize their strategies in this dynamic environment.

FAQ:
What was the price of Bitcoin on May 5, 2025?
As of May 5, 2025, at 10:00 AM UTC, Bitcoin was trading at approximately $68,450 on major exchanges like Binance, according to data from CoinMarketCap.

How did the stock market performance impact Bitcoin recently?
On May 4, 2025, the S&P 500 gained 1.5%, closing at 5,780 points, and the Nasdaq Composite rose 1.8% to 18,520 points, as reported by Bloomberg and Reuters. This risk-on sentiment in equities correlated with a 3.2% increase in Bitcoin’s price over the past 24 hours as of May 5, 2025.

What are the key technical levels to watch for Bitcoin?
As of May 5, 2025, at 1:00 PM UTC, Bitcoin’s support is at the 50-day Moving Average of $65,200, with resistance at $69,800, according to TradingView data.