Bitcoin reached an all-time high of $111,980 in May 2025, marking a significant milestone. This surge followed a slower start to the year, with Bitcoin trading near $74,500 in early April amid global market uncertainty. Over the following six weeks, it experienced a robust rebound, climbing over 50%—one of the most impressive recoveries seen recently. However, recent dips have eased its peak value to approximately $104,959. While Bitcoin continues to outperform, altcoins such as Ethereum and Solana are struggling to match their performance. Despite this initial surge, the market dominance has shifted towards Bitcoin, reaching 65%— a level last seen in 2021. This growth follows the rise of DeFi applications and growing institutional investment, driving Bitcoin’s recent success. Despite this positive momentum, some indicators suggest the trend might be shifting. On-chain data from CryptoQuant analyst Axel indicates potential overheated conditions. Several sell signals have been issued by the Net UTXO Supply Ratio in May, suggesting increased profit taking activity. The declining UTXO ratio and higher unrealized gains further suggest a possibility of market correction. Analyst views on the market’s future are mixed, with some predicting stabilization while others anticipate a minor pullback. Market analysts expect Bitcoin to consolidate between $95,000 and $105,000 for now, with the Net UTXO Supply Ratio hovering around 0.85 and 0.9. The potential for market correction is also evident in two scenarios being observed: Bitcoin prices could stabilize around $95,000-$105,000 before settling, or support could be found at $94,700 and $92,000. These levels are marked by the 200-day moving average line and buy orders, indicating potential support points for Bitcoin during a possible correction.