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Celsius (CEL) price gains 600%+, but analysts cite exchange error and a massive short squeeze

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CEL price abruptly rallied 600%+ on June 14, but analysts say it’s likely due to an exchange glitch or a liquidation of short traders.

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Panama's capital to accept crypto for taxes, municipal fees

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Panama’s capital city will accept cryptocurrency payments for taxes and municipal fees, including bus tickets and permits, Panama City mayor Mayer Mizrachi announced on April 15, joining a growing list of jurisdictions globally that have voted to accept such payments.

Panama City will begin accepting Bitcoin (BTC), Ether (ETH), Circle’s USDC (USDC), and Tether’s USDt (USDT) stablecoin for payment once the crypto-to-fiat payment rails are established, Mizrachi posted on the X platform.

Mizrachi said previous administrations attempted to push through similar legislation but failed to overcome stipulations requiring the local government to accept funds denominated in US dollars.

In a translated statement, the Panama City mayor said that the local government partnered with a bank that will immediately convert any digital assets received into US dollars, allowing the municipality to accept crypto without introducing new legislation.

Panama City joins a growing list of global jurisdictions on the municipal and state level accepting cryptocurrency payments for taxes, exploring Bitcoin strategic reserves to protect public treasuries from inflation and passing pro-crypto policies to attract investment.

Source: Mayer Mizrachi

Related: New York bill proposes legalizing Bitcoin, crypto for state payments

Municipalities and states embrace digital assets

Several municipalities and territories around the globe already accept crypto for tax payments or are exploring various implementations of blockchain technology for government spending.

The US state of Colorado started accepting crypto payments for taxes in September 2022. Much like Panama City said it will do, Colorado immediately converts the crypto to fiat.

In December 2023, the city of Lugano, Switzerland, announced taxes and city fees could be paid in Bitcoin, which was one of the developments that earned it the reputation of being a globally recognized Bitcoin city.

The city council of Vancouver, Canada, passed a motion to become “Bitcoin-friendly city” in December 2024. As part of that motion, the Vancouver local government will explore integrating BTC into the financial system, including tax payments.

North Carolina lawmaker Neal Jackson introduced legislation titled “The North Carolina Digital Asset Freedom Act” on April 10. If passed, the bill will recognize cryptocurrencies as an official form of payment that can be used to pay taxes.

Magazine: Crypto City: The ultimate guide to Miami

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Public mining firms sold over 40% of their BTC in March — Report

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Publicly listed Bitcoin miners sold over 40% of the collective coins mined in March, representing the largest monthly BTC liquidation for mining firms since October 2024 and reversing the post-halving trend of accumulating Bitcoin (BTC) for a corporate treasury strategy, according to TheMinerMag, which screened data from 15 publicly traded mining companies.

The increased liquidations come amid widespread macroeconomic uncertainty in financial markets and the business sector, likely signaling that companies are selling their BTC to reduce shortfalls caused by the current economic climate.

Mining firms offloading BTC to cover operational expenses contributes to selling pressure on the cryptocurrency, which can result in a price volatility. According to CoinGlass, Bitcoin posted a 2.3% loss in March, following a 17.39% correction the previous month.

Related: CleanSpark to start selling Bitcoin in ‘self-funding’ pivot

Miners struggle amid macroeconomic turmoil

High costs, operational hurdles, and fierce competitiveness within the Bitcoin mining industry are amplified by the effects of a trade war on businesses, financial markets, and global supply chains.

Kristian Csepcsar, chief marketing officer at BTC mining service provider Braiins, recently told Cointelegraph that producing all of the hardware components used for mining BTC in the United States is not possible.

US President Donald Trump’s tariff policies will impact all aspects of the supply chain, making components and business-to-business services more expensive, eroding miner profitability, Csepcsar said.

Trump’s threats of taxing energy imports also added to the uncertainty facing some US-based mining firms, as energy costs are a critical input in determining profit margins for miners.

Hashlabs CEO Jaran Mellerud predicted that higher costs from trade tensions may benefit mining firms outside the US as hardware manufacturers and resellers offload equipment originally meant for US customers to other jurisdictions at lower prices.

“Importing machines to the US will now cost at least 24% more compared to tariff-free countries like Finland,” Mellerud wrote in an April 8 X post.

The executive concluded that mining Bitcoin in the US will become economically unfeasible if 24% tariffs are levied on mining components. Mellerud also predicted US firms would gradually lose market share as a result of the tariffs.

Magazine: AI may already use more power than Bitcoin — and it threatens Bitcoin mining

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Bitcoin rally to $86K shows investor confidence, but it’s too early to confirm a trend reversal

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Bitcoin (BTC) remains under pressure as macroeconomic uncertainty continues to weigh on its price action. After making a strong bounce from the local bottom near $75,000 on April 7 and 9, analysts are beginning to question whether BTC could be gearing up for a reversal of the downward trend that’s persisted since the start of the year.BTC/USD 1-day, RSI 1-week. Source: Marie Poteriaieva, TradingView

For some, like the veteran trader Peter Brandt, this trendline is nothing but hopium. As he noted in his X post,

“Of all chart construction, trendlines are the LEAST significant. A trendline violation does NOT signify a transition of the BTC trend. Sorry.”

Others, however, see more reason for cautious optimism. Analyst Kevin Svenson highlighted a possible weekly RSI breakout, pointing out that “Once confirmed, weekly RSI breakout signals have proven to be among the most reliable macro breakout indicators.” 

Ultimately, price is driven by supply and demand—and while both sides of the equation are beginning to show subtle signs of recovery, they are yet to reach the levels needed for a proper breakout. Furthermore, the bulls must cut through a dense sell wall near $86,000 to confirm the reversal. 

Bitcoin demand — Are there early signs of recovery?

According to CryptoQuant, Bitcoin’s apparent demand — measured by the 30-day net difference between exchange inflows and outflows — is showing early signs of recovery after a sustained dip into negative territory.

However, the analysts caution against prematurely declaring a trend reversal. Looking back to the 2021 cycle peak, similar conditions occurred: demand remained low or negative for months, prices temporarily stabilized or rebounded, and true structural recovery only followed extended consolidation. 

This current uptick in demand may simply mark a pause in selling pressure—not a definitive bottom sign. Time and confirmation are still needed to confirm a shifting momentum.

Bitcoin: apparent demand. Source: CryptoQuant

From a trader’s perspective, the apparent demand metric does not look optimistic just yet. Bitcoin daily trade volumes currently hover around 30,000 BTC (spot) and 400,000 BTC (derivatives), according to CryptoQuant. This is, respectively, 6x and 3x less compared to the June-July 2021 period that preceded the last bull run of the 2019-2022 cycle. Despite hopeful comparisons of the current price dip to that period, current volume dynamics suggest a more subdued trader appetite.

Bitcoin trading volume. Source: CryptoQuant

Institutional investors confirm the low demand trend. Since April 3, the spot BTC ETFs have recorded continuous outflows totaling over $870 million, with the first modest inflow not occurring until April 15. Despite this, trading volumes remain relatively high — only 18% below the 30-day average — indicating that some investor appetite for Bitcoin persists.

Related: Crypto in a bear market, rebound likely in Q3 — Coinbase

Bitcoin supply — Will liquidity return?

On the supply side, liquidity remains weak. According to Glassnode’s recent report, the realized cap growth has slowed to 0.80% per month (from 0.83% previously). This points to a continued lack of meaningful new capital entering the Bitcoin network and, as Glassnode notes, “remains well below typical bull market thresholds.”

Furthermore, the BTC balance on exchanges — often used to gauge available sell-side liquidity — has dropped to just 2.6 million BTC, the lowest level since November 2018.

Yet, on a broader macroeconomic level, some analysts see reasons for cautious hope. Independent market analyst Michael van de Poppe pointed out the quickly rising M2 Supply, which, with a certain lag (here 12 weeks), has often influenced Bitcoin price in the past.

“If the correlation remains, he wrote, then I assume that we’ll see Bitcoin rally to an ATH in this quarter. This would also imply a rise in CNH/USD, a fall in Yields, a fall in Gold, a fall in DXY, and a rise in Altcoins.”Global M2 – 12-week lead. Source: Global Macro Investor

Even if bullish momentum and demand returns, Bitcoin will need to clear a critical resistance zone between $86,300 and $86,500, as shown on CoinGlass’ liquidity heatmap, which maps dense clusters of buy and sell orders at different levels.

Alphractal adds another layer of insight through its Alpha Price Chart, which incorporates realized cap, average cap, and onchain sentiment — and comes to the same conclusion. According to the chart, BTC must decisively break above $86,300 to restore short-term bullish sentiment. If the price weakens again, support levels lie at $73,900 and $64,700.

Bitcoin: Alpha price. Source: Alphractal

Overall, calling a trend reversal at this stage may be premature. Liquidity remains thin, macroeconomic headwinds persist, and investors remain cautious. Still, Bitcoin’s resilience above $80,000 signals strong support from long-term holders. A decisive breakout above $86,300 could shift market sentiment—and, in a best-case scenario, ignite a new rally. For such a move to be meaningful, however, it must be backed by spot market volume, not just leverage-driven activity.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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