Bitcoin is on the verge of entering a phase of discovering its price, but this is dependent on breaking through the critical resistance at its previous all-time high of $69,000, as stated by analysts in the cryptocurrency industry.
During the bull run of 2021, Bitcoin (BTC) reached its peak value of approximately $69,000. On March 5, this level was tested once again following the approval of spot Bitcoin exchange-traded funds (ETFs) earlier in the year in the United States.
Despite multiple attempts to surpass this level, Bitcoin has remained below it for approximately 10 weeks.
According to crypto analyst Daan Crypto Trades, the battle to breach old-time highs is never an easy one and usually takes time to achieve. He emphasized the need for the supply to decrease around the resistance zone and for coins to transition from impatient holders to patient holders, as this tends to lead to favorable outcomes.
Other crypto analysts also share this optimistic sentiment. In a post on X, crypto analyst Jelle declared that Bitcoin’s market structure is still firmly bullish. Jelle added 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 noted that BTC’s price was retesting a crucial support level after breaking out from the falling wedge pattern on the daily time frame.
Pseudonymous crypto analyst CryptoCon described Bitcoin’s current low volatility around the previous highs as a healthy price action. In a post on X, they wrote that this period of low volatility is crucial for building support for the next upward movement in price.
Daan Crypto Trades observed that there are approximately $100 million worth of sell orders placed around the $69,000 level, adding to the sell-side pressure at this price point. CoinGlass data also indicates that there is a significant amount of bid liquidity at $68,700, just below this resistance.
As of May 30, BTC was trading at $68,485, experiencing a 1.5% increase over the past 24 hours.
It is important to note that this article does not provide investment advice or recommendations. Every investment and trading decision carries risks, and readers should conduct their own research before making any decisions.