On May 31, according to Cointelegraph, analysts warned that if Bitcoin fails to hold the previous all-time high from December 2024 during the upcoming weekly close, the market may face a "deep correction". Bitcoin's price has fallen below the support level first touched in late 2024, with current resistance primarily stemming from profit-taking activities that are suppressing the bull market's progress.
CryptoQuant's latest research report noted: "Some Bitcoin demand indicators may be reaching a short-term peak, potentially signaling a pause in the current uptrend. The estimated Bitcoin demand growth over the past 30 days is 229,000 coins, approaching the previous high of 279,000 coins set in December 2024. Meanwhile, whale holdings have increased by 2.8% in recent months, a growth rate that often indicates a slowdown in whale accumulation. When the price is at $111,000, unrealized profits average over 30%, which also suggests the potential for a trend pause."
