Bitcoin price closed its best May in 5 years, what to expect for June?

At the end of May, bitcoin (BTC) recorded a price increase of more than 11% during that month. This is the best percentage performance in May in the last 5 years. In fact, it had just had three Mays in the red between 2021, 2022 and 2023, something that it managed to reverse in 2024.

As records available on Coinglass show, That 11% is the best performance for BTC in the month of May since the 52% recorded in 2019. That is also the largest percentage increase for Bitcoin in a single month since then. Historically, May has been bullish for the BTC price, can be seen in the same source.

Historical records aside, if we stick to the present we can see that May’s performance has managed to reverse almost all of April’s loss. In that opportunity, BTC fell from almost $72,300 to close just above $60,000. As seen in the graph below, the path of the green May candle has erased almost the entire red April candle:

Now, during the already ended month of May, the price of BTC went from 60,600 to more than 67,500 dollars, although the closing price is considerably below the peak of 71,979 recorded on May 21.

Despite this behavior, the quarter remains negative for the price of BTC, although only with a little more than 5% decline. After setting a new all-time high above $73,000, the cryptocurrency stumbled, along with a drop in interest in spot ETFs at the beginning of the year.

Analysis sources, such as Nodecharts, have identified signals that point to bullish movements. In particular, the firm referred this Saturday to “the activation of a lot of long-term inactive supply of bitcoin”, something they consider as a factor that “precedes bullish trends.”

Large institutions want (and accumulate) Bitcoin

Various company registrations with the SEC have shown that institutional interest in Bitcoin has only strengthened in 2024. This shows that organizations with a lot of capital available to invest are already fully involved in this market.

In this regard, analyst Willy Woo commented this Friday that institutions seem to have changed their financial approach. Now, instead of selling the risk, they are buying it. This may mark significant buying pressure from heavy participants and serve as a catalyst for new bullish momentum for BTC.