Bitcoin is on the verge of entering a phase of price discovery, but it first needs to overcome the critical resistance at its previous all-time high of $69,000. This is the assessment of crypto analysts who have been closely monitoring the market.
During the bull run of 2021, Bitcoin reached its peak of around $69,000. Although the level was tested again on March 5 after the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States, Bitcoin has been unable to break through this threshold for approximately 10 weeks.
According to Daan Crypto Trades, a renowned crypto analyst, breaking old-time highs is never an easy task and usually takes time. He believes that the supply needs to dry up around the resistance zone and coins must transition from impatient to patient holders in order to achieve favorable outcomes.
Other crypto analysts share this bullish sentiment. Jelle, a respected crypto analyst, declared that Bitcoin’s market structure remains firmly bullish in a post on X. He noted that the price has been steadily increasing for well over a year and is currently consolidating just below the all-time highs.
In another post on X, Jelle highlighted that BTC’s price was retesting a key support level after breaking out from the falling wedge on the daily time frame.
CryptoCon, a pseudonymous crypto analyst, described the current low volatility around the previous highs as healthy price action. They stated that this period of low volatility is crucial for building support for the next upward movement.
Daan Crypto Trades also observed that there are approximately $100 million in sell orders sitting around $69,000, which adds to the sell-side pressure at this level. CoinGlass data further indicates that $68,700 is a significant area of bid liquidity just below this resistance.
As of May 30, Bitcoin was trading at $68,485, showing a 1.5% increase over the last 24 hours.
It’s important to note that this article does not provide investment advice or recommendations. Investors should conduct their own research and analysis before making any investment decisions.