Bitcoin (BTC) will not enjoy a “sustainable breakout” until it hits all-time highs starting in 2021.
In a May 31 analysis of
$69,000 remains the do-or-die BTC price level.
Bitcoin is heading towards its May monthly close, but a bigger fight continues.
Almost three months since the recent all-time high of $73,800, BTC/USD has failed to revisit that level and continue its price discovery.
Given the current position of sell-side liquidity in the order book, Alan is not at all surprised by the status quo.
“If you’re surprised to see where the resistance is, you’re not paying attention,” he summarizes.
“Until BTC bulls can validate the R/S flip at $69,000, I do not expect a legitimate and sustainable breakout.”
Alan noted that $69,000 has now turned from resistance to support to maintain the price range.
He added, “A monthly close above or below $69,000 will tell us whether we will build to the next level or continue to consolidate in this range.”
As Cointelegraph reported, some believe consolidation will continue for some time, in line with classic BTC price action following the block subsidy halving event.
The previous day, Bitcoin had failed in another attempt to hold above $69,000. This came as the verdict in the trial of US presidential candidate Donald Trump was announced.
“I’m not surprised or overly concerned about another rejection for $69,000 today,” Alan responded.
“Tomorrow is the most important time. A monthly close of Bitcoin above $69,000 after almost three months of rejection would be awesome.”
BTC/USD was trading around $67,900 at the time of this writing, according to data from Cointelegraph Markets Pro and TradingView.
Bitcoin records its best May in years
Bitcoin is set to have its first “green” May in four years, according to data from monitoring resource CoinGlass.
Related: There Are ‘3 Reasons to Be Bullish’ for Bitcoin to Rise After Drop to $68,000 — Analysis
May 2024 will be Bitcoin’s fifth most successful month since 2019, with a 12% increase.
But if you zoom out, Bitcoin remains down in the second quarter after rising nearly 70% in the first quarter.
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