Bitcoin Bull Run Might Pause Below $104.5K Weekly Close

Bitcoin’s bull market faces a crucial test as analysts warn of a potential “deeper pullback” before price momentum resumes.

BTC Slips Below Key Support

Bitcoin has dropped back below its previous all-time highs, threatening the support levels first established in late 2024. As of May 31, BTC/USD was down around 8%, trading nearly $9,000 below its recent record high.

BTC/USD 1-hour chart. Source: TradingView

Analysts note that profit-taking is largely driving the current resistance, with indicators signaling that the bull run’s next phase may be paused.

According to recent research by on-chain analytics firm CryptoQuant, some of Bitcoin’s demand metrics are approaching short-term peaks, suggesting a cooling in the rally.

“CryptoQuant’s estimate of Bitcoin’s demand growth over the past 30 days is at 229,000 — nearing the previous demand growth top of 279,000 Bitcoin from December 2024,” the report stated.

Bitcoin apparent demand chart (screenshot). Source: CryptoQuant0

Additionally, whale-held Bitcoin balances have grown by 2.8% in the past month, a rate that historically signals a slowdown in whale accumulation.

CryptoQuant also pointed out that unrealized profits, on average, surpassed 30% when BTC hit $111,000 — another sign of a possible pause.

BTC/USD 1-day, 1-week chart. Source: Mags/X

$104.5K Weekly Close in Focus

Popular trader Mags highlighted the upcoming weekly candle close as a major test for bulls. On the daily chart, Bitcoin has fallen below its former all-time high and is facing rejection at that level.

“This might look like the start of a deeper correction,” Mags noted, adding that if BTC closes below the $104,450 horizontal support on the weekly timeframe, a further pullback could form — possibly setting up an inverse head-and-shoulders pattern before the next upward leg.

BTC/USD 1-month chart. Source: Aksel Kibar/X

Bullish Outlook Holds Long Term

Despite the short-term caution, some analysts remain confident about the broader bullish outlook.

Trader and analyst Aksel Kibar said the bull market recovery “might be delayed” but emphasized that the bullish setup remains intact as long as Bitcoin holds above $73,700 on the monthly chart.

Kibar continues to target $137,000 as a midterm goal for BTC, a target he expects to remain valid throughout 2025.

Bitcoin trader onchain realized price data (screenshot). Source: CryptoQuant

Meanwhile, CryptoQuant analysts see $120,000 as the next major profit-taking zone before BTC aims higher.