TechFlow news, on May 31, Bitcoin's price fell below its all-time high reached in December last year, sparking market concerns about a deeper short-term correction. According to Cointelegraph, BTC/USD has declined approximately 8%, retreating nearly $9,000 from its recent record highs.
The latest research from on-chain analytics platform CryptoQuant indicates that Bitcoin demand metrics may be approaching a short-term peak. The report stated: "Estimated Bitcoin demand growth over the past 30 days is 229,000 BTC, nearing the previous demand peak of 279,000 BTC in December 2024. Additionally, whale holdings have increased by 2.8% over the past month—a pace that typically signals a slowdown in whale accumulation."
Analysts are closely watching the upcoming weekly close, viewing it as critical whether Bitcoin can hold above $104,450—the historical weekly closing high set in December 2024. Trader Mags noted: "On the daily chart, BTC has broken below the prior all-time high and encountered resistance at that level, which could mark the beginning of a deeper correction."
Despite short-term corrective pressure, analyst Aksel Kibar maintains a mid-term target of $137,000 but warns that a bull market resurgence 'may be delayed,' emphasizing that 'bullish interpretation remains valid as long as price stays above $73,700.'
CryptoQuant data shows that at the $111,000 level, average unrealized profit exceeds 30%, suggesting the likelihood of a brief correction, with $120,000 seen as a key profit-taking level.
