Bitcoin's performance in May has been lackluster, struggling to rise above the $60,000 level. Despite some recovery, it has not shown significant movement. Analysts are uncertain about the direction it will take in the near future, with conflicting opinions about its potential breakout. Analyzing charts, experts have identified key support and resistance levels that could influence its future trajectory.

One analyst, Rekt Capital, points out that Bitcoin is retesting old all-time high resistance as new support, which indicates a positive outlook. Another analyst named Moustache is optimistic about the current price levels, drawing parallels to past trends in 2017 and 2020 when significant price increases followed similar patterns.

Bitcoin whales, according to data from Santiment, are using price dips as entry points, suggesting that a recovery might be on the horizon. This accumulation by large wallets could signal a buying opportunity for investors. Additionally, data from CryptoQuant shows a decrease in BTC balances on exchanges, indicating a shift towards long-term investment strategies despite external challenges.

In conclusion, while the cryptocurrency market faces uncertainties and regulatory pressures, there are signs of potential growth and stability in Bitcoin's future prospects.