Bitcoin Price Fights ‘Last Stand’ at $69K Ahead of New All-Time Highs, Traders Say
According to crypto analysts, Bitcoin is on the verge of entering a price recovery.
Bitcoin (BTC) reached a high of $69,000 during the 2021 bull run. This level was retested on March 5 following the adoption of spot Bitcoin exchange-traded funds (ETFs) in the United States earlier this year.
Bitcoin has remained below this limit for nearly 10 weeks despite several attempts to break through.
Crypto analyst Daan CryptoTrades says the fight to break old highs is “not an easy fight at all” and it will take a long time before that happens.
He suggested that the supply in the buffer zone should “dry up” and coins should be transferred from patient to patient carriers.
“#Bitcoin fighting the last resistance before charging on price discovery.”
Other crypto analysts share this pessimism. “Bitcoin Market Structure Still Strong!” In a May 30 announcement on X, crypto analyst Jelle said the price has been “in steady growth for over a year, well below the current all-time high.”
In another X post, Jelle noted that BTC price is testing a key support level after “breaking out of the falling wedge” on the daily timeframe.
“Stay here, and new all-time highs should come soon.”
Anonymous crypto analyst explains that Bitcoin's current low volatility around previous highs is a healthy price action.
“This is only half of what we saw in August – October 2023, which is one of the least volatile periods in Bitcoin history. […] These periods of low volatility are critical to building support for the next leg up,” he wrote on May 29 at X.
Related: Bitcoin in 42-day ‘boring zone' – traders debate next step
“The next green box is loading…”
Daan Crypto Trades sits at around $69K with a sell order of around 100M adding sell-side pressure from this level.
CoinGlass data indicates that $68,700 is a significant bid liquid area below this resistance.
At the time of publication, 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. Every investment and business activity involves risk, and readers should do their own research when making a decision.
