Bitcoin in ‘pivot zone’ as potential consolidation looms: Analyst

Bitcoin’s recent price surge from $75,000 on April 7th to a high of nearly $112,000 on May 22nd is showing signs of weakening, according to analyst Willy Woo. He believes this week is crucial for determining Bitcoin’s near-term trajectory. Failure to sustain upward momentum could lead to another extended period of consolidation.

Woo points to the Bitcoin Spent Output Profit Ratio (SOPR) as an indicator of potential profit-taking pressure. While late-stage speculators are taking long positions, the SOPR suggests a readiness among some holders to sell. He emphasizes that this week’s buying activity will significantly impact the next one to two months of price action, placing the market in a pivotal zone. Despite this short-term uncertainty, Woo notes a downward trend in risk signals, suggesting that buy-side liquidity is currently dominant. This, he argues, sets the stage for another substantial price increase in the long term.

Bitunix analysts concur that a rebound in US consumer sentiment could temporarily bolster market risk appetite. However, they warn of technical pressure around $110,800, a level where past rebounds have stalled. This zone represents a key battleground between bullish and bearish forces. Support at $108,000 is identified as a critical defense line; a breach could trigger profit-taking and shift market sentiment towards a bearish outlook.

Meanwhile, Donald Trump Jr. and Eric Trump predicted at the Bitcoin 2025 conference that Bitcoin could reach $170,000 by the end of 2026. This is a more conservative forecast than Bitcoin pioneer Adam Back’s prediction of $1 million within five years. At the time of writing, Bitcoin is trading at $107,785 on Coinbase, down 1.2% in the past 24 hours, failing to break above $108,000 in early May 29th trading. The market’s direction hinges on whether sufficient buying pressure emerges to overcome the current profit-taking pressure and consolidate recent gains.