Bitcoin Price Just Made History, but What Happens Next?

Bitcoin price had a big finish to May 2025, hitting a record high of $104,591, the highest it's ever been in a single month. Even better, it hit an incredible all-time high of $111,980 — totally smashing previous records and making its spot as this year's top performer clear. Now that history has been made, everyone's looking to what comes next.

The chart speaks for itself. After dropping in the $70,000 to $90,000 range earlier this year, $BTC broke through with conviction in Q2 and never looked back. The $100,000 level was once seen as a sort of speculative milestone, but now it's the foundation of the market's structure.

The range between $104,000 and $106,000 is looking like short-term support right now, and $111,980 is the upper limit. We'll have to wait and see if that holds up or gives way as we head into June.

Macro signals are making it tricky to see what's going on. Trade policy out of the U.S. was a bit of a hot topic in May after the administration proposed big duties on EU goods. That move was delayed and faced some legal challenges, but the new date, July 9, is now being seen as a possible market trigger. Depending on how it goes, it could either make Bitcoin ($BTC) stronger or put pressure on risk assets.

If you look closely, you'll see that on-chain metrics are still showing activity. Last month, we saw almost 18,800 big $BTC transactions — each worth $100,000. That's the most since January. More and more Bitcoin is moving off exchanges — over 147,000 $BTC year-to-date — and coins that have been held for a while are starting to move.