NYDIG's analyst also noted significant BTC spot price discounts on Binance compared to Coinbase.
Dogecoin briefly replaced XRP as the fourth-largest coin early Monday.
BTC’s April 13 breakout above $60,000 and subsequent all-time high failed.
Record futures liquidations show leverage was excessively skewed bullish.
"The loss of bullish momentum is only short term in nature," one chart analyst said.
Bitcoin nosedived to a three-week low of $52,148 during Sunday's Asian hours.
"The whale entities chart could show that smaller retail investors are purchasing bitcoin, and large holders are selling into that rally," one hedge fund CEO said.
DOGE now has a market value of more than $50 billion, surpassing the giant U.K. bank Barclays after tripling in price.
Option traders continue to snap up cheap out-of-the-money call option at the $80,000 strike.
BTC is roughly 7% lower from its all-time high, similar to the April 1 pullback.
Turkey's crypto ban sets a bad precedent for other countries mulling similar moves.
Market activity is surging as the Ethereum blockchain's native cryptocurrency rises to fresh all-time high prices.
BTIG expects COIN to reach $500, calling it the "gold standard among digital asset exchanges."
BTC buyers take profit, but selling should be limited around $61K support.