Bitcoin is poised to enter a phase of price discovery if it can surpass the critical resistance at its previous all-time high of $69,000, according to cryptocurrency analysts. During the 2021 bull run, Bitcoin reached its peak of approximately $69,000. This level was tested once again on March 5, following the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States earlier in the year. However, Bitcoin has remained below this threshold for around 10 weeks despite multiple attempts to break through.
Daan Crypto Trades, a crypto analyst, stated that surpassing old-time highs is always a challenging battle and it often takes time to achieve. He explained that supply needs to decrease in the resistance zone and coins must transition from impatient to patient holders, which typically leads to favorable outcomes.
Other crypto analysts share this optimistic sentiment. Jelle, a crypto analyst, declared that Bitcoin’s market structure remains bullish and that the price has been steadily trending upward for over a year, consolidating just below the current all-time highs. In another post, Jelle noted that BTC’s price was retesting a key support level after breaking out from a falling wedge on the daily time frame.
CryptoCon, a pseudonymous crypto analyst, described Bitcoin’s current low volatility around the previous highs as healthy price action. They emphasized that this period of low volatility is crucial for building support for the next upward movement.
Daan Crypto Trades also observed around $100 million in sell orders sitting at around $69,000, contributing to sell-side pressure at this level. CoinGlass data indicates that $68,700 is an area of significant bid liquidity just below this resistance.
As of May 30, Bitcoin was trading at $68,485, representing a 1.5% increase over the past 24 hours. It is important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any investment or trading decisions.