Bitcoin (BTC) is on the cusp of entering price discovery, provided it breaks critical resistance at its previous all-time high of $69,000, according to cryptocurrency analysts.
BTC peaked at around $69,000 during the 2021 bull run. This level was tested again on March 5, after Bitcoin exchange-traded funds (ETFs) were approved in the US earlier this year.
Despite numerous breakout attempts, Bitcoin remained below this limit for about 10 weeks.
Cryptocurrency analyst Daan Crypto Trades says the battle to break through the old highs is “never an easy battle,” and it usually takes some time before it is achieved.
He noted that supply needs to "dry up" around the resistance zone and coins should move from patience to patience holders, which usually leads to positive results.
Other cryptocurrency analysts share this bullish sentiment. “Bitcoin market structure remains strongly bullish!” Crypto analyst Jelly made the announcement in a May 30 post on X, adding that the price had been in a “steady uptrend for over a year now, consolidating below its current all-time highs.”
In another post
A cryptocurrency analyst with the pseudonym CryptoCon described Bitcoin's current low volatility around previous highs as healthy price action.
“This is only half the time we saw in August-October 2022, which was one of the lowest volatility periods in Bitcoin history. These times of low volatility are critical for building support for the next move higher,” they wrote in a May 29 post on X.
Daan Crypto Trades noted around “$100 million in sell orders amounting to around $69k,” adding to the selling pressure from this level.
CoinGlass data suggests that $68,700 represents a large area of bidding liquidity just below this resistance.
At press time, Bitcoin was trading at $68,485 on May 30, up 1.5% over the past 24 hours.
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.
