Bitcoin (BTC) experienced volatility throughout the past week, but its price remained relatively stable over the weekend. The world’s largest cryptocurrency is changing hands just above $105,000 as Asian markets begin their first trading week of June.
BTC managed to preserve its 2024 all-time high on June 1 after the monthly candle close on May 31 registered an 11% gain.
Bitcoin Closes May’s Monthly Candle Above 2024 ATH of $104,450 – Gaining 11% in 30 Days
TradingView data showed that the BTC/USD trading pair attempted to reclaim $105,000 into the weekly close, with sustained downside during the week bringing the price close to significant support levels from earlier in the bull market, such as last year’s peak of $104,450 from December 17.
Speaking to crypto media outlet The Block, Rachael Lucas, an analyst at BTC Markets, said that Bitcoin’s price is sitting at a psychological and technical “pivot point” that either makes or breaks the next bull run. She noted that while technical indicators like the RSI and MACD are showing waning bullish momentum, the longer-term outlook remains optimistic as the conviction among traders and analysts is that the market could be in the early stages of a new “super cycle.”
According to Lucas’s analysis, the support zone for Bitcoin remains firm at around $103,000, with a deeper and more solid base at approximately $97,600. Further, if it can hold above the $103,000 to $105,000 range, then there is room for a renewed push toward a new high of $115,000. Whereas, if the price breaks below $103,000, then it could open the door to a deeper correction, targeting the $93,000 to $97,000 range.
More importantly, she said the latter case should not be viewed as the end to the broader uptrend, but as a confirmation that the market needs more time to register further price growth. Lucas also noted that traders are treading the market carefully as they are unsure whether this is the start of a short-term top or a pause before the next surge.
Traders Expect BTC Price Correction Below $100K Before Next Bull Run to $120K
Prominent trader CrypNuevo shared Lucas’s sentiment, suggesting that $100,000 could function as a price magnet should the market experience further decline. In a comment made as part of an X thread on Sunday, they wrote that the valuation is a strong psychological level where liquidity tends to stack. CrypNuevo is faithful in the overall bullish market structure despite BTC losing 8% of its value against the US dollar last week.
The trader expects the price to decline to $100,000 and remain around that level for some more days, and that even a temporary drop below the level to “shake the market” would make sense. CrypNuevo is confident in their conviction because the bull market support level at $84,000 is catching up to the price, signifying that the uptrend is “intact” and liquidity is rising.
While the overall market sentiment remains bullish, a new report from CryptoQuant suggests that the Bitcoin market is “overheating.” As per the crypto analytics firm’s report, over the past 30 days, Bitcoin demand climbed to 229,000 BTC ($24 billion), approaching the December 2024 peak of 279,000 BTC (Approx $30 billion), and coinciding with the 2.8% rise in whale holdings, which often signals slowing accumulation.
CryptoQuant analysts suggest that the current rally, which pushed Bitcoin to a record price of $112,000, may be nearing a short-term top. The report has set $120,000 as the next major resistance level, taking into consideration the Traders’ On-Chain Realized Price, where unrealized profits would hit 40%. This threshold has historically marked local tops for BTC.
According to the analysts, peaking profit margin and rising demand growth signals that traders may have to go through a consolidation period before Bitcoin’s next move higher.
Altcoins Struggle as Institutional Investors are Focused on Bitcoin
The current momentum in the crypto market is largely driven by institutional interest in Bitcoin. This focus on BTC has led to altcoins struggling to capture similar demand in the institutionally driven environment.
Min Jung, a research analyst at Presto Research, said that the most recent crypto demand has been from corporations like Strategy, Metaplanet, and TwentyOne Capital purchasing Bitcoin. He noted that this has resulted in major altcoins underperforming and BTC market dominance nearing its cycle high.
Metaplanet announced on June 1 that it has purchased an additional 1,088 BTC for approximately $117.5 million. This brings the Tokyo-based publicly traded firm’s total Bitcoin treasury holdings to 8,888 BTC, worth $930 million. The bitcoins were purchased when the price was $108,051 per coin.
The latest acquisition is also another step closer to its 2025 target of 10,000 BTC. Since adopting the bitcoin treasury strategy in April 2024, Metaplanet has quickly become Asia’s largest and one of the top 10 global Bitcoin treasury companies. The company has accelerated its Bitcoin accumulation this year, purchasing 7,126 BTC so far in 2025.
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Michael Saylor Posts Bitcoin Chart, Hinting at Latest Purchase by Strategy
Meanwhile, Strategy co-founder and executive chairman Michael Saylor has posted the Bitcoin chart, signalling an impending BTC acquisition by the company. If the purchase goes ahead, then it would mark the eighth consecutive week in which the business intelligence firm has bought new coins.
The company’s most recent Bitcoin purchase was at the start of last week, when it acquired 4,020 BTC, worth roughly $427 million on May 26. This brought Strategy’s total holdings to 580,250 BTC, valued at nearly $62 billion.
Strategy is the single-largest BTC holder, with its holdings dwarfing the bitcoins held by the United States and Chinese governments. Following the company’s success in accumulating the flagship cryptocurrency, multiple corporations have adopted the treasury strategy, such as Metaplanet and Twenty One. While some companies are exploring building their treasuries with Ether (ETH), XRP, or Solana (SOL), the majority are focused on Bitcoin.
At the time of writing, Bitcoin (BTC) is trading at $104,993, up 0.60% in the last 24 hours.