Bitcoin and Ethereum both saw gains on Monday after a weekend of slipping prices. Bitcoin climbed back above the $27,000 level, breaking out of a ceiling on the relative strength index (RSI) and showing signs of a shift in sentiment after last week's bear run.

Over the weekend, the number of addresses holding 1 Bitcoin or more surpassed 1 million, marking a new milestone. This is a significant increase from the 2017 bull market, where only 500,000 addresses held 1 Bitcoin or more.

Bitcoin's price has risen above $27,000, but there are concerns about the sustainability of this upward momentum as buying support weakens. Despite this, Michael Saylor believes that Bitcoin is a valuable asset in people's portfolios and has the potential to offer digital scarcity to the entire global population.

Bitcoin has rebounded and reclaimed $27,000 after experiencing a severe rejection that drove the asset down by $1,500. However, several altcoins have outperformed bitcoin in the past day, including LTC, LDO, TONCOIN, APT, BCH, and GRT.

Last week saw a slight increase in non-fungible token (NFT) sales, with a rise of 1.46% compared to the previous week, reaching a cumulative value of $149.31 million. However, sales skyrocketed by 31.22% in the most recent week, reaching $208.17 million, thanks to the emergence of NFTs from the Bitcoin blockchain. Bitcoin-based NFTs, also known as Ordinal inscriptions, have become a significant contributor to the digital collectible sales landscape, ranking second among 21 distinct blockchains. The top NFT collection in terms of sales this week was "Uncategorized Ordinals," with Ethereum's Bored Ape Yacht Club (BAYC) coming in second.

According to Bloomberg Intelligence’s Senior Commodity Strategist, Mike McGlone, the recent trend of gold prices increasing relative to Bitcoin prices is significant and could continue. Bloomberg data shows that as of May 8, 2023, the price of gold was up 10% year on year, while Bitcoin was down almost 20%. McGlone believes that Bitcoin rollover risks lean toward deflation. Bloomberg’s analysis shows a correlation between the S&P 500’s peak and trough, its 100-week moving average, and the Bitcoin/gold ratio. However, opinions on the future of both gold and Bitcoin can vary widely, and there is no way to predict with certainty how the disparity will evolve in the future.

Bitcoin began today's trading session on a positive note, hovering around $26,944.04 and showing support from the 20-day exponential moving average (EMA) which remained above $26,000 for most of yesterday's session. The cryptocurrency is currently hovering near the $27,000 resistance level, with bulls hoping for a breakout to push it towards its next target of $28,000. However, Bitcoin has struggled to break past the $27,000 resistance level, with the 50-day simple moving average (SMA) and the 200-day SMA line remaining above the 20-day EMA line. Despite this, Bitcoin is still in a strong uptrend and could see an upsurge soon if buyers manage to break past the resistance level.

Bitcoin has been a topic of debate among investors and the public, with some seeing it as the future of money while others criticize it as a speculative asset. Critics argue that the current price of BTC is not justified by its usefulness and is driven by hype and speculation. However, proponents of Bitcoin argue that it is a revolutionary technology that is decentralized, efficient, and a hedge against inflation and economic uncertainty. BTC's recent recovery has sparked optimism among investors, with analysts suggesting that it could trigger buying in altcoins such as Ethereum, Binance Coin, Cardano, and Dogecoin. Despite the risks, many investors remain bullish on the future of the crypto market.

Bitcoin (BTC) has seen a surge in volatility, with gains of around 7.5% versus local lows from the week's final Wall Street trading session. BTC/USD spiked to $27,200 on Bitstamp, its highest in several days, as traders remain cautiously optimistic. Popular trader Daan Crypto Trades noted that there was now potential for a “gap” in CME Bitcoin futures markets to appear at the May 15 open. However, trader and analyst Rekt Capital warned that a close at $27,550 or under would place BTC price at risk of further losses.

The S&P 500 Index closed the week with a slight decline, while Bitcoin is expected to end the week with a larger loss of over 5%. This has resulted in a drop in altcoins and weakened sentiment. Despite this, Bitcoin has shown a strong rebound on May 12, leading some analysts to anticipate a recovery. However, Material Indicators has expressed caution, stating that the lack of strong bids from whales at lower levels could be a concerning sign. The progress on debt ceiling talks between Congress and the White House is expected to take center stage in the coming days, and it is uncertain how Bitcoin and altcoins will react to the potential risks and uncertainty.