LMAX Digital volumes saw a nice jump on Tuesday. Total notional volume came in just over $1 billion, 46% above 30-day average volume.

Bitcoin volume printed $571 million, 56% above 30-day average volume. Ether volume came in at $271 million, 45% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $11,719 and average position size for ether at $3,461.

Bitcoin and ETH volatility have been on the rise in recent sessions, pushing back towards multi-month highs. We’re looking at average daily ranges in bitcoin and ether of $3,950 and $232 respectively.

Bitcoin has finally delivered the long-awaited retest of its 50-week simple moving average, a level that had been inviting a revisit for some time.

With this move complete, we see limited downside from here and expect the market to begin stabilizing and turning back toward the topside in line with what remains a clearly defined medium and long-term uptrend.

Previous dips below the 50-week SMA have proven short-lived, with weekly closes recovering above the level each time. Our base case remains for a similar outcome — a rebound into the weekly close and reaffirmation of the broader bullish structure.

Even if the 50-week fails to hold, the more important trend indicator, the Ichimoku Cloud, remains well below current levels, confirming the broader uptrend is intact.

A sustained move under the 50-week could extend the pullback toward the top of the cloud near $95,000, where we would expect strong support and the formation of a higher low before the next leg higher to fresh record highs.

The key takeaway: this remains a healthy correction within an ongoing bull market, not a bearish shift.

As for ETH, it should stay well supported around current levels, with stronger demand expected into $3,000 and $2,800, a former resistance zone now acting as firm support.