The recent Bitcoin price rejection may have been brought about by massive transactions that happened around June 1.
For context, Bitcoin has fallen sharply after an attempt to touch the $107,000 mark, facing rejection at $106,700 on June 3.
Interestingly, a recent chart from Santiment reveals a sharp rise in Bitcoin’s transaction volume between May 6 and June 5, 2025, coinciding with this price drop. On June 2, transaction volume spiked to $44.03 billion, marking the highest level since December 2024.
This surge coincided with Bitcoin’s attempt to break above the $107K threshold. Despite the volume surge, the price quickly retraced, suggesting that the increase in activity did not result in sustained upward movement.
The largest Bitcoin transactions during this period occurred on June 1 and June 2. On June 1, a massive 130,010 BTC transaction worth $14.11 billion was recorded. Following that, two large transactions of 78,647 BTC ($9.41 billion) and 22,531 BTC ($2.36 billion) emerged on June 2. These transactions suggest the involvement of large institutional players.
Large-Scale Transactions Throughout May and June
Beyond the June 1 and June 2 peaks, the data highlights several other notable Bitcoin transactions. On May 29, a transaction of 18,921 BTC was recorded, though its value was smaller compared to the June transfers.
Additionally, two significant transactions of 16,525 BTC and 16,500 BTC took place on May 13. Another noteworthy transaction occurred on June 2, with 14,000 BTC moved. These large transfers contribute to the overall surge in Bitcoin’s transaction volume during this period.
This trend of significant transactions shows the growing involvement of institutional players or whales in the Bitcoin market, which often signals important price movements. Santiment notes that such large-scale transfers often precede significant changes in market trends.
Increase in Address Activity Amid Price Decline
Data also shows there was a surge in address activity in the week when Bitcoin started to fall. IntoTheBlock data reveals that new addresses rose by 5.27%, active addresses grew by 2.82%, and zero-balance addresses surged by 6.87%.
Bitcoin Daily Active Addresses
These figures point to heightened interest in Bitcoin, even as the price began to decline.
What’s Next for Bitcoin Price?
Meanwhile, analysts are also keeping an eye on Bitcoin’s chart patterns. Titan of Crypto, a well-known analyst, pointed out the potential formation of a Head & Shoulders pattern, a classic signal of a reversal in price trends.
The left shoulder formed in early May, the head appeared when Bitcoin reached its all-time high in late May, and the right shoulder is currently forming in June. If the price falls below the neckline of the pattern, it could indicate a shift from an uptrend to a downtrend, with a potential target price as low as $96,000.
Bitcoin’s price is currently $103,425, reflecting a 1.21% decline in the last 24 hours and a 1.81% decrease over the past seven days.
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