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Bitcoin (BTC) returned to a key focal point on June 1 as the monthly close delivered disappointment.

BTC price “fills” latest CME futures gap

Data from Cointelegraph Markets Pro and TradingView confirmed a lackluster end to May for BTC/USD, which slid below $27,000.

The pair erased its entire uptick seen over the weekend, coming full circle to act in a familiar range on the day.

This centered on the area immediately below $27,000, Bitcoin frequently visiting since the middle of April.

In doing so this time around, however, BTC/USD “filled” a gap in CME futures outstanding since the weekend trip higher.

Pepe (PEPE) price has dropped by more than 70% three weeks after establishing its record high of $0.00000449. And the memecoin could fall even more in the coming days, according to a mix of technical and fundamental indicators.

PEPE charts flash a classic bearish reversal pattern

From a technical standpoint, the price of PEPE could drop sharply from its current levels. At the core of this bearish outlook lies the classic head-and-shoulders (H&S) pattern.

Analysts who use technical analysi view the H&S pattern as a bearish reversal indicator for the unversed. It forms when the price forms three peaks atop a common neckline support; the middle peak, called "head," is higher than the other two, called the "left shoulder" and "right shoulder."

The H&S pattern resolves after the price breaks below its neckline. Meanwhile, as a rule of technical analysis, traders measure the pattern's downside target by adding the maximum distance between the head and neckline to the breakdown point.

On May 22, PEPE broke below its H&S neckline near $0.00000156. That puts its downside target near $0.00000041 in June, down around 70% from current price levels.

The cryptocurrency market experienced a dull month, with Bitcoin (BTC) dropping 7.37% — its worst performance since November 2022 — and Ether (ETH) losing 0.22% in May. 

The average loss across the market stands at 5.62% on the last day before the monthly close.

However, some outliers posted impressive gains thanks to popular investment narratives and the growth of the Ethereum staking sector.

In the first half of May, memecoins grabbed headlines, with Pepecoin (PEPE) leading the narrative. The memecoin cycle guzzled up a lot of gas on Ethereum in the first half of May.

PEPE’s market capitalization surged to a peak of $1.54 billion in the first week of May, according to CoinGecko. It has witnessed a sell-off since then, as tokenholders booked profit. However, the token still ended the month with over 300% gains.

Bitcoin (BTC) is in a “transition,” which should pave the way to the next bull market top, new research has concluded.

In the latest edition of its weekly newsletter, “The Week On-Chain,” analytics firm Glassnode unveiled its latest tool for tracking Bitcoin’s resurgence.

Bitcoin hodlers in “transition”

After the 2022 bear market and signs of recovery in Q1 this year, on-chain metrics have undergone a broad transformation, many suggesting that a long-term BTC price bottom is already in.

With price action stagnating since mid-March, however, doubts have returned — along with downside targets that stretch toward $20,000.

For Glassnode analysts, however, Bitcoin’s long-term investor base is already preparing for better times ahead.