What can be expected from Bitcoin (BTC) in June?

In the past month, Bitcoin has witnessed a spectacular breakout, establishing a new historical price peak at $111,980. This impressive increase has not only drawn attention from investors but has also raised many concerns about the sustainability of the upward trend as the market transitions into June.

In this context, some investors remain confident in the prospects for further growth. However, many are beginning to worry that this wave of enthusiasm may soon cool down, prompting Bitcoin holders to consider a more cautious strategy.

Active Bitcoin investors are accumulating

The current market sentiment is being driven by a strong accumulation wave, reflecting investors' increasing confidence in the long-term prospects of Bitcoin. Recently, the balance of Bitcoin on exchanges has decreased by more than 66,975 BTC — equivalent to over 7.2 billion USD — indicating a clear trend: investors are withdrawing funds from exchanges and storing assets in personal wallets. The significant decline in BTC supply on exchanges is often seen as a bullish signal, as the holding sentiment gradually prevails.

Bitcoin balance on exchanges | Source: Glassnode The accumulation motivation comes not only from the FOMO effect of new investors entering the market, but is also reinforced by the lasting belief that Bitcoin is gradually moving towards the role of a safe-haven asset and a true store of value. However, according to Mr. Juan Pellicer — Vice President of Research at Sentora — the price of Bitcoin does not increase solely due to buying pressure from individual wallets.

This spring, investors' risk appetite is being influenced by a series of macro factors, all pointing towards a common point: the easing of financial conditions. From gradually cooling inflation, expectations for a return to monetary policy easing, to the weakening of real yields and the USD, along with increased global liquidity and a fiscal policy that remains expansive — all have contributed to the momentum for risk assets, including Bitcoin. "These factors explain why Bitcoin has a close correlation with the S&P 500 index throughout May," Mr. Pellicer analyzed.

The latest on-chain data shows that key macro indicators continue to reinforce the strong upward trend of Bitcoin. Notably, the On-chain Trader Realized Price ( and the Profit/Loss Margin ) are both surging. This reflects that a large number of investors — particularly those who have participated in the market over the last 1 to 3 months — are holding a very high volume of unrealized profits. These figures not only indicate an optimistic sentiment but also reveal a trend of maintaining positions, with the expectation that Bitcoin prices will continue to rise.

However, according to Mr. Julio Moreno — Head of Research at CryptoQuant — the high short-term profit levels may create resistance in the short term.

"In the current phase, when the unrealized profit rate approaches the overheating zone — around 40% — some traders may take profits," Mr. Moreno commented. "The chart shows that the on-chain profit margin of Bitcoin traders has reached 31% in the past few days (marked by the purple area), indicating that adjustment pressure may soon emerge."

On-Chain Price and Profit Margin of Bitcoin | Source: CryptoQuant

BTC price heading towards new heights

Throughout May, Bitcoin surged by 14%, setting a new all-time high of (ATH) at $111,980. Currently, this cryptocurrency is trading around $108,258 and continues to challenge the key resistance level at $110,000. The coming days will be crucial as the market enters a phase of determining whether the upward trend can be maintained.

If the accumulation trend continues to be reinforced by both cash flow from institutional investors and retail investors in June, the upward trend of Bitcoin can definitely be maintained.

BTC/USDT daily chart | Source: TradingView Notably, the seasonal investment strategy "Sell in May and go away" – which is common in the stock market – has not been effective this year. Despite seasonal factors, the market has still recorded a strong upward trend. This becomes even more important as Bitcoin now has an increasing correlation with the stock market amidst a complex macroeconomic environment. If this trend continues, Bitcoin has a great chance of extending its upward momentum in June. Thanks to its strong resilience, Bitcoin is likely to maintain its upward trend even when the broader financial market experiences volatility.

If it successfully conquers the threshold of $110,000, Bitcoin could turn this price range into strong support, paving the way for the next target at $115,000. However, if profit-taking pressure increases, the market may witness a short-term correction. Although the probability of a deep decline is quite low, Bitcoin may still enter a consolidation phase before re-establishing an upward trend. The important support zones to watch in this scenario are at the levels of $106,265 and $102,734 – points that could serve as a solid springboard for the next recovery.

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