Bitcoin has settled just above $105,500 after pulling back from its all-time high of $111,814 set on May 22.
The slowdown appears to be primarily caused by traders locking in gains following the sharp climb, with signs of exhaustion starting to appear in both price action and investor behavior. In a June 3 post on X, Glassnode noted a rare spike in entity-adjusted realized profit, which surged above $500 million per hour three times within a single 24-hour window.
This metric, which measures the total gains locked in by wallets after adjusting for internal transfers and entity clustering, offers a more accurate view of how much real profit is being taken across the market.
The sudden rise in realized profit was accompanied by another telling signal. Glassnode observed that the average coin has captured a 16 percent profit, and noted that fewer than 8% of Bitcoin’s trading history has been more profitable for holders.
A third post from the analytics firm pointed to a cooling in momentum-driven buying. By the end of May, there was a clear drop in wallets aggressively adding to their Bitcoin (BTC) positions. The relative strength index for this category of buyers had fallen toward 20, suggesting weaker conviction.
The profit-taking RSI, meanwhile, increased toward 77, a pattern that frequently appears close to local tops when excitement gives way to caution and selling pressure starts to build. Exchange-traded fund flows have reflected this change in sentiment.
U.S.-listed spot Bitcoin ETFs saw net outflows of more than $157 million between May 27 and May 30. The reversal came after six weeks of strong inflows, which had drawn in more than $9 billion. Though inflows returned on June 3 with a sudden $378 million reversal, the bump has yet to fully restore bullish sentiment.
At press time, Bitcoin has been largely flat on the day, up just 0.2%, trading within a narrow band between $103,400 and $108,900 over the past week. On the technical side, the daily chart shows Bitcoin drifting sideways inside the Bollinger bands, with recent candles hugging the midline around the 20-day moving average.
Indicators offer little conviction in either direction. At 53, the RSI is in the neutral territory, neither oversold nor overbought. While longer-term moving averages continue to lean bullish, indicating the strength of the overall trend, momentum and MACD have slipped into sell territory.
Another push toward $110,000 is possible if the price stays above the 30-day estimated moving average and buyers return with increased volume. However, the market might need more time to reset before regaining the highs set in late May, as many participants are already profiting and several short-term signals are cooling.
