Analysis: Bitcoin profit taking suppresses bull market process, whale accumulation is slowing down

BlockBeats news, on May 31st, according to Cointelegraph, analysts warned that if Bitcoin fails to hold onto its previous historical high of December 2024 at the upcoming weekly close, the market may face a "deep correction". The price of Bitcoin has fallen below the support level first touched at the end of 2024, and the current resistance is mainly due to profit taking behavior, as profit taking is suppressing the bull market process. CryptoQuant's latest research report points out that "some demand indicators for Bitcoin may be hitting short-term tops, indicating that the current upward trend will pause. The estimated growth in Bitcoin demand over the past 30 days is 229000, close to the previous high of 279000 set in December 2024, while whale holdings have increased by 2.8% in recent months, which often indicates a slowdown in whale accumulation behavior. When the price is at $111000, unrealized profits average over 30%, which also suggests that the upward trend may pause