Bitcoin is on the verge of entering a price discovery phase if it breaks through the key resistance at $69,000, its all-time high, according to crypto analysts.
Bitcoin (BTC) peaked at around $69,000 during the bull run of 2021. This level was tested again on March 5 after a spot Bitcoin exchange-traded fund (ETF) was approved in the United States earlier this year.
Despite several attempts to break out, Bitcoin remained below this threshold for around 10 weeks.
Crypto asset analyst Dahn Crypto Trade said the fight to break out of previous highs is “never an easy battle” and typically takes time to achieve.
he I got it. Supply needs to “dry up” near the resistance zone and the coin needs to transition from impatient holders to patient holders, which usually leads to a favorable outcome.
“#Bitcoin fighting the last resistance before full price discovery.”
Other crypto analysts share this bullish view: “Bitcoin Market Structure Remains Bullish!” Declared Crypto analyst Jere added in a May 30 X post that Bitcoin prices have “been steadily trending up for over a year and are currently stabilizing just below their all-time highs.”
In another X post, Jeremy I got it. BTC price is retesting key support levels after “breaking out of a descending wedge” on the daily chart.
“If it holds up here, new all-time highs should be coming soon.”
Anonymous crypto analyst Cryptocon said Bitcoin’s current low volatility near its all-time highs is a healthy price movement.
“This is just half the amount that occurred between August and October 2023, which was one of the least volatile periods in Bitcoin’s history. […] “This period of low volatility will be crucial in building support for the next upside,” they say. I have written In a post by X on May 29th.
Related: Bitcoin Enters 42 Days in the “Boredom Zone” — Traders Discuss Next Move
“Loading the next green box…”
Daan Cryptocurrency Exchange Noticed “Sell orders are at $100 million and are at around $69,000,” and selling pressure is increasing from this level.
According to data from CoinGlass, $68,700 is just below this resistance and is a key area of bid liquidity.
At the time of writing, BTC was trading at $68,485 on May 30th, up 1.5% in the past 24 hours.
This article does not contain any investment advice or recommendations. Any investment or trading involves risks and readers should conduct their own research when making any decision.
