Bitcoin dips to $104K after hitting all-time high, but bulls remain in control with strong 2025 gains.

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	Forwarded this email? Subscribe here for more BTC Pullback but Bulls in Control Bitcoin dips to $104K after hitting all-time high, but bulls remain in control with strong 2025 gains. Bitcoin Magazine Pro Jun 2   READ IN APP   News Headlines Meta board strong rejection of Bitcoin Treasury proposal Metaplanet buy 1,088 more bitcoin, total now 8,888 IMF raises concern of Pakistan Bitcoin mining plan Stablecoin market cap passes $250 billion amid regulatory momentum ANALYSIS: Is a Bitcoin supercycle imminent? Price Action The past week has seen some tricky price action for BTC. After it briefly created a fresh all-time-high, it has continued to drop back to the low $100k’s. Currently the BTC price is at $104,661. Of particular note is that BTC is now currently back below the range resistance line. That line had acted as resistance for many months. Bulls will want to see BTC not spend too much time below that level before reclaiming it. Figure 1: BTC dropping back below range resistance. Despite this, BTC is still putting in a very strong performance over the past couple of months. May closed with a gain of +11.09% after April which was even stronger at +14.21%. Those figures are shown on the right hand side of the BTC monthly returns heatmap in the 2025 column. Figure 2: BTC monthly returns heatmap. Live Chart Zooming out, BTC is up +13.05% so far in 2025, with the potential to go much higher in the second half of the year. The Big Story: Pakistan Joins Bitcoin Mining Race Pakistan’s finance ministry has approved a plan to devote 2 gigawatts of surplus electricity to large-scale bitcoin mines and AI data centers, the first phase of a broader “Strategic Bitcoin Reserve.” Officials say the project, unveiled in late May, will be managed by the government-supported Pakistan Crypto Council and is meant to soak up idle generation capacity while luring foreign capital to the nation. Rising Difficulty They will be entering an increasingly difficult game of mining for Bitcoin. Bitcoin’s network difficulty just reached fresh all-time highs above 123T (tera hash), a level that has climbed relentlessly since 2020 as industrial miners pour in new rigs. Higher difficulty means each block demands more hash power, squeezing margins even before electricity costs are considered. Figure 3: Miner Difficulty Live Chart Hashprice Keeps Slipping While hashrate and difficulty surge, the USD hashprice - miners’ revenue per unit of compute - has fallen toward record lows. The drop reflects the sheer weight of new hashrate competing for the same 6.25 BTC block reward, leaving many operators close to break-even or at a loss. Figure 4: Hashprice Live Chart IMF Pushback The International Monetary Fund has already flagged Pakistan’s plans, warning that diverting 2 GW of power to Bitcoin mining could complicate bailout negotiations amid chronic energy shortages. IMF officials have asked Islamabad for “urgent clarification” and hinted that concessionary loans could be at risk if the project proceeds. However, it appears many in the Pakistan government have been orange-pilled so we may see them continue with their plans regardless of the IMF concerns. Chart of the week - The Blockchain Group Performance Figure 5: The Blockchain Group Relative Performance. Live Chart We have introduced another new Bitcoin Treasury company dashboard to the site. This time showing many great charts for The Blockchain Group, the first European Bitcoin Treasury Company. They have seen their stock soar since adopting bitcoin onto their balance sheet. Currently one of the top performers in all European stock markets! The chart above shows their stock performance since they adopted bitcoin onto their balance sheet, and compares it to other well known companies since that time. It includes companies such as Nividia (-3%), Tesla (+38%), and Google (+1%). The Blockchain Group is up a staggering +1,893% since it began accumulating bitcoin. You can view the full live dashboard for FREE here. We hope you enjoy this new free feature on the platform! Speak again soon, The Bitcoin Magazine Pro Team. Bitcoin Magazine Pro For more detailed Bitcoin analysis and to access advanced features like live charts, personalized indicator alerts, and in-depth industry reports, check out Bitcoin Magazine Pro. Make Smarter Decisions About Bitcoin. Join millions of investors who get clarity about Bitcoin using data analytics you can't get anywhere else. GO TO FREE CHARTS SIGN UP NOW We don't just provide data for data's sake, we provide the metrics and tools that really matter. So you get to supercharge your insights, not your workload. Take the next step in your Bitcoin investing journey: Follow us on X for the latest chart updates and analysis. Subscribe to our YouTube channel for regular video updates and expert insights. 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