Analysis: Bitcoin profitable positions are suppressing the bull run progress, and Whale accumulation is slowing down.

BlockBeats news, on May 31, according to Cointelegraph, analysts warn that if Bitcoin cannot hold above the previous all-time high in December 2024 during the upcoming weekly close, the market may face a “deep pullback.” The price of Bitcoin has fallen below the support level first reached at the end of 2024, with current resistance mainly stemming from profit-taking behavior, as profitable positions are suppressing the bull run. CryptoQuant’s latest research report points out: “Some demand indicators for Bitcoin may be reaching a short-term peak, or indicating that the current rise will pause. The estimated demand growth for Bitcoin over the past 30 days is 229,000 coins, close to the previous high of 279,000 coins set in December 2024, while whale open interest has increased by 2.8% in recent months, a rate that often indicates a slowdown in whale accumulation behavior. When the price is at $111,000, the unrealized profit averages over 30%, which also suggests that the rise may pause.”