Is it the end of the bull run or a halftime break? Analysts reveal the weakening momentum of Bitcoin, with three major support zones becoming crucial.

After hitting a historical high of $112,000, the price of Bitcoin has recently entered a consolidation phase, with mixed market sentiment. On-chain analyst Murphy pointed out that Bitcoin seems to be entering a stage of momentum decay, and there may still be room for a rebound in the future, but one must also be cautious of the risk of a deep pullback.

Analyst: Market momentum begins to weaken

Bitcoin has experienced a price pullback and multiple profit-taking occurrences recently after reaching a high of $112,000 last week, indicating that the bullish momentum in the market may be waning.

( The escalation of the China-U.S. conflict has caused Bitcoin to drop below 104K, CryptoQuant analysis: the upward trend has not ended )

Analyst Murphy posted this morning that the second wave of profit-taking on May 29 showed a realized profit amount slightly lower than the first wave of 1.2 billion USD on May 23, but it resulted in a noticeable price pressure, indicating that the market's support strength, or demand side, is somewhat weakened.

On-chain data shows that short-term holders (STH, the red line ) supply is also continuously decreasing. Compared to the divergence at the end of November last year and RP, it reflects the current weakening of investor confidence:

This highlights that the surge in May was mainly driven by low liquidity and reluctance to sell, rather than strong demand, which limited the upward price potential.

(Bitcoin price soars but hides concerns, analysts: Three indicators weaken revealing insufficient capital inflow )

Even though the market is under pressure in the short term, Murphy still believes that Bitcoin may experience a rebound and even challenge its historical high:

Based on past experience, the market may still reach new highs after the initial momentum fades. If this rebound occurs and is accompanied by larger profit-taking, the price is expected to break through $110,000.

Where is the pullback alert line? Three major support zones exposed

Under the decline of momentum, Bitcoin's support level has also become a focus of market attention. According to Murphy's observation of the on-chain chip structure (URPD, UTXO Realized Price Distribution ), the following three areas may become key pullback supports:

100,000 to 105,000 USD: The range of chips is clearly accumulated, reflecting the market's strong recognition of this price level; and 100,000 is not only a technical support level but also represents an important psychological barrier of a whole number.

$93,000 to $98,000: The range's chips are mainly held by "new buyers" who have a longer-term entry motive rather than short-term speculation, which is expected to form strong support.

$81,000 to $87,000: The most extreme potential support zone, but the chip structure is not as solid as areas B and D.

He emphasized that the 96,000 USD, which is the average cost of short-term holders of STH's RPC (, can be seen as the "bull-bear dividing line" for the short to medium term trend. Once it falls below this level, it may indicate that the previous wave of price increases has officially ended:

Future observation should focus on whether there is sufficient profit realization volume when prices reach new highs. If the trend diverges and profit realization decreases, it may be a warning sign of a price peak.

PlanB: The bull market continues, but momentum may weaken?

Bitcoin analyst and creator of the Stock-to-Flow )S2F( model, PlanB, also posted, visualizing the Bitcoin Market Cycles logarithmic chart to present the Bitcoin market cycles from 2010 to 2025, suggesting that Bitcoin is still in a bull market phase.

Bitcoin May close: $104,646 … continues! pic.twitter.com/GiIgg94M1y

— PlanB )@100trillionUSD( June 1, 2025

However, the continuous red dots in the chart and the flattening slope have raised concerns in the community about whether the upward momentum is weakening, with questions like "When will the yellow dots appear ) for chip distribution (?" He responded, "On-chain transaction data has not yet shown distribution signals." This also indicates that the bull market may continue for a while.

During the stage where the direction of potential energy decay is unclear, investors need to adopt response strategies based on their own positioning to avoid being driven out of the market during volatile conditions.

This article is the end of the bull market or a halftime break? Analysts reveal the weakening momentum of Bitcoin, with three major support zones becoming critical. First appeared on Chain News ABMedia.