The largest cryptocurrency, still stuck in a narrow range, is at last showing signs of life after several spikes to two-month lows.

Bitcoin (BTC) starts a new week in an altogether different mood as the weekly candle close brings a move higher.

short-term profit-taking sentiment among day traders pushed the price lower toward $27,850 later in the day.

The last time the sell-side risk ratio was this low was in late 2015, which started the bull run that reached $20,000 in December 2017.

Glassnode’s lead on-chain analyst Checkmate said in his comments on May 24 that the sell-side risk ratio metric suggests that “sellers are exhausted on both sides,” and that indicates big moves “are coming.”

BTC was down against the altcoin leader by about 0.02%.

BTC performance was also not enough for it to strengthen against its biggest competitor, Ethereum (ETH).

The fact that whales continue to gather more ETH underscores their belief in the value and future prospects of the cryptocurrency.

At press time, CoinMarketCap indicated that ETH was one of the cryptos trading in the green heading into the weekend.

Despite this recent price upturn, AXS’s weekly performance remained in the red at -4.79%. However, the altcoin had experienced a significant surge in its 24-hour trading volume, reaching $88,984,466 – marking a jump of over 170% over the last day.

According to the market tracking website CoinMarketCap, Axie Infinity (AXS) emerged as one of the few cryptocurrencies that witnessed a price increase in the past day. At press time, AXS was trading at $6.91 following a rise of 2.78%.

The price surge has also allowed AXS to strengthen its position against the market leaders, Bitcoin (BTC) and Ethereum (ETH), by approximately 4.62% and 4.53% respectively.

Elon Musk is a well-known supporter of Dogecoin. Musk has repeatedly tweeted about Dogecoin, often with humorous or ironic comments. In 2021, he appeared on Saturday Night Live and hosted a sketch in which he played a financial expert who was trying to explain Dogecoin to the audience. Musk has also said that he believes Dogecoin has the potential to become a “legitimate currency.”

Musk stated that Dogecoin stands apart for “the best humor” and “it has dogs.”

The Tesla (NASDAQ:TSLA) CEO is well-known for his DOGE tweets that often cause price surges.

Top 15 Pepe addresses with highest earnings and returns. Source: Wulgy/Dune AnalyticsPEPE hourly transactions and volumes. Source: Wulgy/Dune AnalyticsPEPE/USDT 4-hour price chart.

the PEPE market cap has come crashing down to roughly $665 million, a 65% decline.

PEPE market capitalization since April. Source: CoinGecko
PEPE whales appear to have been primarily responsible for the price drop, according to data tracked by Wuligy, an on-chain analyst at Dune Analytics.

Inexperienced traders usually chase prices higher during the end of the bull phase as they fear missing out on the rally. However, institutional investors tend to wait for the froth to settle before entering. Bitcoin’s (BTC) bear market in 2022 ended the hype that was seen in 2021.

Fred Pye, CEO of 3iQ, Canada’s first Bitcoin fund issuer, said in an interview with Cointelegraph that as “the FOMO in Bitcoin is gone” institutional investors and portfolio managers have started to take a look at it as “a serious venue.”