Bitcoin’s Curious Week: A Tale of Triumph, Turmoil, and Tiny Emojis

June dawned with Bitcoin (BTC) teetering on the edge of its own shadow—can the buyers hold onto those fragile support levels, or will they slip away like a poorly cast fishing line? 🎣

Traders are bracing for a rollercoaster. The monthly close was the best yet, but whispers of a “$100K retest” swirl around—like gossip at a village fair, only louder.
The labor market and Fed policies are back in the spotlight, drawing as much attention as a village tailor’s new coat—somewhat unnecessary but somehow compelling. Inflation is doing its own dance, diverging from interest rates as if it’s got its own secret agenda.
The volatility has made investors—those brave souls—rethink how much BTC they dare to hold. It’s as if everyone suddenly remembered they might be better off without too much risk, or possibly that they’re in a soap opera.
Retail investors are still sleeping, groggy from their long nap, while whales—those old droppers in the pond—are acting like characters in a tragedy, suddenly reversing their courses like in a bad play.
And the question remains: can all this enthusiasm—profit and despair—push Bitcoin to dance up to $120,000? Perhaps, or perhaps not; it’s the season of hope and disappointment, after all. 🎭

Bitcoin RSI data taints best-ever monthly close

Bitcoin just barely managed to squeak past its weekly close—like an awkward dance partner clutching onto the last moment of grace—despite an 8% plunge at one point. The closing price of around $105,700 was just enough to outwit the December 2024 levels, held aloft by the ever-watchful data analysts.

$BTC / $USD – Update
We held above $104,500 on the weekly close. Bullish on this.
– Crypto Tony (@CryptoTony__) June 2, 2025

Yet, beneath the surface lurks a bearish divergence—like a joke that no one laughs at anymore—detected by the RSI (Relative Strength Index). The index shows a lower high as prices flirt with their all-time peaks, suggesting the party could be ending soon.

“Weekly bearish divergence locked in – and a potential bearish retest forming here as well,” warns trader Jelle, sounding like a fortune-teller who’s seen too many charts. “Big day ahead for Bitcoin, testing some lower levels is not unlikely so long as the black line isn’t reclaimed.”

Despite a commendable 11% gain in May, Bitcoin’s high note might be just a fleeting echo in the hall of history. Data from CoinGlass shows liquidity—like water—flowing mostly above the current price, hinting that the market’s mood is perhaps more fragile than a porcelain teacup.

Crypto trader CrypNuevo, ever the optimist or perhaps the gambler, predicts a rebound to $113,000, with an elegant “$100K to $113K” trajectory—like a well-aimed arrow with a bit of poetic license.

Powell in the spotlight as inflation and Fed diverge 🎩

In Washington, Powell wears his poker face as he faces the twin beasts: a weakening labor market and the ever-volatile Fed policy—think of it as a game of poker where no one wants to show their hand, but everyone is betting heavily.

The PCE index, a measure of inflation’s sneaky pace, signals that things might be slowing, yet the Fed’s interest rates stubbornly refuse to drop from their perch. It’s as if the Fed is playing hard to get, or perhaps just stubborn like a mule.

“That might explain why Trump called Powell, perhaps to remind him who’s boss,” quips a financial newsletter with a dark sense of humor.

Market data shows no signs of a rate cut before September, leaving traders to wonder if Powell will ever loosen his grip—or perhaps just yawn and continue his speech in D.C.

Meanwhile, a faint silver lining emerges—declining US dollar strength, as the greenback slips below 99 on the index, suggesting that perhaps Uncle Sam’s currency might just be losing its swagger. Could this be the unexpected magic potion for Bitcoin and precious metals? Well, maybe, or maybe just another reason to sip tea and wait. ☕

“A weaker dollar might be Bitcoin’s new best friend, like an awkward dance partner finally letting go of your hand.”

Hodler flows signal “market in transition” 🚶‍♂️

After losing roughly 8% from its peak, Bitcoin investors are behaving differently—like a town’s residents after a long drought—deciding whether to stay, leave, or just look suspiciously at each other.

CryptoQuant’s data suggests hodlers (those who never sell, apparently) are starting to act cautious, moving funds out of exchanges—like hiding your prized piglets before the storm. Stablecoins, precious symbols of liquidity, exit Binance with a $1 billion blackout—a sure sign of traders hedging their bets.

Meanwhile, long-term holders, those seasoned veterans, are reducing their holdings, perhaps whispering “it’s time to take a break” or simply losing faith—an emotional rollercoaster worthy of a Shakespearean tragedy.

In short, CryptoQuant declares, “The market is in transition,” like a village on the brink of some unspecified change. Whether it’s cooling down or gearing up again—that’s the mystery that keeps us coming back. Or, as the villagers might say: “Time will tell, and so will the chickens.”

Whales rethink accumulation 🐋

Even the mighty whales, those giant fish in the pond, are reconsidering their feast. As Bitcoin’s price climbed from $81K to $110K, these whales gradually withdrew—like patricians pulling their money out of a collapsing manor.

Meanwhile, retail investors, drowsy no more, are gorging at the top—an act as daring as jumping in a river when you can’t swim. Research suggests that the whales’ profit-taking, often a sign of smart money exiting before a fall, is now in full swing. An ominous clap of thunder before the storm?

Sentiment is shifting quickly—last week’s euphoria turned to fear in just days. The Crypto Fear & Greed Index has bounced back to “greed,” like a town drunk wobbling home after a night out. Cheers—or tears? Only time will tell. 🍻

Profit-taking at $120K: The “local top” mystery 🕵️‍♂️

If the market’s mood swings again, where will the next high point be? Predictions teeter like a tightrope walker on a windy day.

Glassnode points to the market value versus realized value—the famous MVRV ratio—and suggests that Bitcoin might pause at around $100K to $120K, where profit-taking could turn the tide. A “local top,” they say—more like a high note in a tragic opera.

The market might hold at $100,000, or tumble back towards $90K—like a cushion, or maybe a trap, depending on the mood of the crowd.

And yet, despite the overheated signs, there’s still some wiggle room before investors start selling like hotcakes, signaling that the story isn’t finished yet. So, stay tuned—perhaps with a glass of something strong. 🥃

2025-06-02 12:00