Monthly Bitcoin Price Close Above $69K Will Be ‘Stunning’ – New Analysis
Bitcoin (BTC) won't enjoy a “sustainable crash” until 2021, when it crosses its old all-time high.
In an analysis on X (formerly Twitter) on May 31, Keith Allan, founder of trading resources Material Indicators, said that $69,000 is now a key BTC price level to overcome.
The $69,000 BTC price level remains do-or-die
Bitcoin closes in the green for the month of May, but a major battle continues.
Three months after the recent high of $73,800, BTC/USD failed to revisit those levels and continue price gains.
Considering where the sell-side cash flow now sits on the order books, Alan can't help but be surprised.
“If you wonder where the opposition is, you're not paying attention,” he summed up.
“Until BTC bulls confirm R/S Flip at $69k, I don't expect a legitimate, sustained crash.”
Allen cited the change from the current level of $69,000 to support as an objection.
“A monthly close above $69k tells us we're building the next leg or continuing to strengthen in this range,” he added.
As Cointelegraph reports, some see a period of consolidation following the subsidy halving event, in keeping with the classic BTC price behavior.
A day ago, Bitcoin saw another failed attempt to stay above the $69,000 mark. This happened when the verdict was announced in the trial of the presidential candidate of the United States, Donald Trump.
“I'm not surprised or overly concerned about another $69k rejection today,” Allen replied.
“Tomorrow is the most important moment. After almost 3 months of rejection, a monthly close above $69k for Bitcoin will be very exciting.”
BTC/USD traded around $67,900 at the time of writing, according to data from Cointelegraph Markets Pro and TradingView.
Bitcoin has mocked May over the years.
Data from wealth tracker CoinGlass, meanwhile, shows that Bitcoin is on track to post its first “green” month of May in four years.
RELATED: Bitcoin Has ‘3 Bullish Reasons' To Rise After $68K Dip – Analysis
At 12 percent, May 2024 will end Bitcoin's fifth most successful month of the year since 2019.
Highlighting, however, Bitcoin is down in Q2 after rising nearly 70% in the first quarter.
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.
