According to cryptocurrency analysts, Bitcoin will need to break the critical resistance of its previous all-time high of $69,000 before it can enter price discovery.
Bitcoin (BTC) hit a high of around $69,000 during the 2021 bull market. This level was tested again on March 5 after a spot Bitcoin exchange-traded fund (ETF) was approved in the US earlier this year.
Despite several breakout attempts, Bitcoin remained below this threshold for about 10 weeks.
Crypto analyst Daan Crypto Trades said the fight to beat past highs is “never an easy fight” and it usually takes time to achieve it.
He pointed out that supply must “dry up” around the resistance zone and the coin must transition from impatient to patient holders, which usually leads to a favorable outcome.
“We are fighting the last resistance before #Bitcoin price discovery is complete.”
Other cryptocurrency analysts share this optimistic opinion. “Bitcoin’s market structure remains firmly bullish!” Crypto analyst Jelle added in a May 30
In another
“Just wait here and we’ll see a new all-time high soon.”
CryptoCon, a pseudonymous cryptocurrency analyst, explained Bitcoin’s current low volatility near its previous highs as healthy price action.
“This is only half of the August-October 2023 period, which was one of the least volatile periods in Bitcoin history. (…) This period of low volatility is important for building support for the next phase,” they wrote. From X’s May 29 post.
Related: Bitcoin in 42-day ‘boredom zone’ — traders debate next move
“The next green box is loading…”
Daan Crypto Trades noticed “$100 million in sell orders worth about $69,000” adding to sell-side pressure at this level.
According to CoinGlass data, $68,700 is an area of significant bid liquidity just below this resistance.
At the time of publishing, BTC was trading at $68,485 on May 30, up 1.5% in the last 24 hours.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.