Bitcoin’s price found stability on the first day of June after experiencing a volatile few days, now situated at $105,597 as of 8:35 p.m. on Sunday, according to The Block’s bitcoin price page.
One analyst told The Block that bitcoin price is at a psychological and technical “pivot point” that could make or break the next bull run.
“Indicators like the RSI and MACD are showing signs that the strong bullish momentum is starting to wane, at least temporarily,” said Rachael Lucas, crypto analyst at BTC Markets. “That said, the longer-term outlook still leans optimistic. There’s growing conviction among analysts and market participants that we could be in the early stages of a new super cycle.”
Lucas said price support for the cryptocurrency holds reasonably firm at around $103,000 with a deeper, more solid base down around $97,600.
In the days ahead, the crypto analyst said that there are two plausible scenarios for bitcoin.
“If bitcoin can hold above the $103,000 to $105,000 range, there’s room for a renewed push toward $115,000,” Lucas said. “On the other hand, a break below $103,000 could open the door to a deeper correction, with price targets in the $93,000 to $97,000 range.”
The latter case still should not be viewed as an end to the broader uptrend, the analyst said, but rather as a confirmation that the market needs more time for further price growth.
“Traders are treading carefully, unsure whether this is the start of a short-term top or simply a pause before the next leg higher,” Lucas added.
Altcoins eclipsed
The current crypto market momentum is primarily fueled by bitcoin-heavy institutional investment. This concentration on bitcoin has left altcoins relatively overlooked, struggling to capture sustained interest in the institutionally driven environment, according to analysts.
“Recent demand has been largely driven by corporations like Strategy, Metaplanet, and Twenty One rather than retail investors,” said Min Jung, research analyst at Presto Research. “As a result, major altcoins have underperformed, with BTC dominance nearing its cycle high.”
In recent weeks, the market has seen a wave of firms adopting the corporate bitcoin treasury strategy, famously advocated by Strategy’s Michael Saylor. While some companies are exploring building treasuries of ether, XRP or Solana, most treasuries are focused on the world’s largest cryptocurrency.
“The key question now is how sustainable this corporate-driven trend will be,” Jung added.
Meanwhile, BTC Markets’ Lucas said bitcoin’s narrative has evolved beyond its status as a “digital gold,” to a strategic hedge alongside commodities and currency exposures in a diversified macro portfolio.
“That shift has consequences, it’s tied bitcoin more closely to traditional financial markets, and it’s made the asset more sensitive to economic data, central bank commentary, and geopolitical risk,” Lucas said.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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