Bitcoin’s latest rally might be losing steam, and the coming days could determine whether the leading cryptocurrency pushes higher or settles into another stretch of sideways movement. Market analyst and on-chain expert Willy Woo has sounded the alarm, suggesting this week could prove to be a turning point for Bitcoin’s price action.
Bitcoin has made a strong move in recent weeks, climbing from around $75,000 in early April to a record high just under $112,000 on May 22. But that upward momentum is now showing signs of strain, according to Woo. In a post shared on X (formerly Twitter) on May 28, Woo described the current situation as a “pivot zone,” warning that a lack of sustained buying could usher in another consolidation phase.
“This week is absolutely critical,” Woo emphasized. “Without continued follow-through in buying pressure, we’re likely staring down a period of stagnation in price.”
Woo’s analysis hinges on several key on-chain indicators, most notably the Bitcoin Spent Output Profit Ratio (SOPR). This metric evaluates whether holders are selling their coins at a profit or loss by comparing the price at which the coins were acquired to the price at which they are sold. The current data suggests a looming risk: recent entrants into the market are going long, while earlier investors may be preparing to take profits, potentially adding downward pressure.
Still, not all signs point to trouble. Woo also noted that the broader market environment is showing strength, with buy-side liquidity outweighing selling pressure. He believes this sets the stage for a potential long-term continuation of Bitcoin’s bullish trajectory—provided the short-term turbulence can be weathered.
“The risk signal is trending downward, which is a good sign,” Woo wrote. “It tells us the conditions are still favorable for another leg up, but timing is everything. Spot buying this week will shape the market’s direction over the next month or two.”
Echoing Woo’s cautious optimism, analysts at Bitunix highlighted the ongoing battle at the $110,800 price level, describing it as a “technical pressure zone” where many recent attempts to break higher have failed. They warned that support around $108,000 has held firm recently, but if that level gives way, it could trigger a wave of profit-taking and tilt the market bias toward short positions.
“This is the line in the sand for bulls,” Bitunix analysts wrote in a note shared with Cointelegraph. “A drop below $108,000 could unravel the recent rally and spark a broader retracement.”
Meanwhile, long-term predictions remain as bold as ever. Speaking at the Bitcoin 2025 conference in Las Vegas on May 28, Donald Trump Jr. and Eric Trump projected Bitcoin could reach $170,000 by the close of 2026. Their forecast is ambitious—but it pales in comparison to that of Blockstream CEO and Bitcoin pioneer Adam Back, who envisions Bitcoin hitting a jaw-dropping $1 million within the next five years.
As of writing, Bitcoin was trading at $107,785 on Coinbase, according to data from TradingView. Over the past 24 hours, the price has slipped about 1.2%, struggling to maintain momentum above $108,000 during early trading on May 29.
With price action teetering at crucial support levels and sentiment hanging in the balance, Bitcoin’s next move could define not just the summer trading season—but potentially the rest of the year for crypto investors.
