With the onset of summer, analysts predict a stagnant period for Bitcoin, the leading cryptocurrency, in June. Bitcoin saw a notable 13% increase in May, marking its eighth gain in the past nine months. This surge was the best performance since February, when it soared by 44%, as reported by Coin Metrics. The recent rise is attributed to an ETH-led rally preceding the SEC's approval of rule changes allowing Ethereum ETFs in the US, resulting in a 20% surge in ETH within two days. As potential holders of ETH ETFs now undergo the process of filling out S-1 registration forms for individual funds, analysts suggest a lack of significant triggers in the cryptocurrency market for June. Antoni Trenchev, the co-founder of Nexo, anticipates that approvals for new products by the SEC, likely by late June, could serve as a catalyst for ETH and the broader altcoin space.

Since reaching a record high in March, Bitcoin has been trading within a narrow range. Trenchev points out that the apparent stability, rather than volatility, can be positive, citing the example of Bitcoin's consolidation period before a significant upward movement following the halving in 2020. Historical data from CoinGlass indicates that June historically presents instability for Bitcoin, with an average return of just 0.25% over the last decade, skewed by unfavorable years in 2022 and 2013.

Traders are closely monitoring the Fed's upcoming policy meeting scheduled for June 11-12, with specific interest in the personal consumption expenditures price index, a key inflation gauge for the central bank. Predictions suggest that Bitcoin might continue fluctuating within a descending channel, potentially reversing recent gains and dropping to around $65,000. Miner sales could exert pressure on Bitcoin prices. The prolonged time to find and process new blocks along with a decline in the network's hash rate indicates diminishing mining profitability. This trend could force miners to sell BTC holdings to maintain cash flow, creating a negative feedback loop. Despite challenges faced by miners, there has been no substantial selling activity yet, according to Julio Moreno, director of research at CryptoQuant.