Market Update
Bitcoin has remained below the critical resistance level of $69,000 for approximately 10 weeks, despite numerous attempts to break through. This price level, previously reached during the 2021 bull run, is viewed by crypto analysts as the last hurdle before entering new all-time highs.
Key Highlights
- Price Stagnation: Bitcoin’s price has been stuck below $69,000 for the past 10 weeks, a level tested again on March 5 following the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States.
- Analyst Insights: Daan Crypto Trades noted that breaking through historical highs is “never an easy fight” and requires the supply to dry up around the resistance zone. This transition from impatient to patient holders typically leads to favorable outcomes.
- Quote: “#Bitcoin Fighting the last resistance before full on price discovery.”
- Market Sentiment: Analysts like Jelle have maintained a bullish outlook, stating that Bitcoin’s market structure is “firmly bullish” and in a steady uptrend for over a year, consolidating just below the current all-time highs.
- Quote: “Hold here, and new all-time highs should come soon enough.”
- Volatility Analysis: CryptoCon described the current low volatility around the previous highs as healthy price action, necessary to build support for the next upward move.
- Quote: “This is only half the time we saw in August — October 2023, which was one of the least volatile periods in Bitcoin’s history.”
Market Dynamics
- Sell Orders: Daan Crypto Trades highlighted around “$100M in sell orders sitting around $69K,” contributing to sell-side pressure.
- Bid Liquidity: CoinGlass data indicates significant bid liquidity at $68,700, just below the $69,000 resistance level.
Current Price Action
As of May 30, Bitcoin was trading at $68,485, up 1.5% over the last 24 hours. This price movement suggests a persistent struggle to breach the $69,000 resistance, a key level that, once surpassed, could lead to new all-time highs and initiate a period of price discovery.
Conclusion
Bitcoin is on the verge of breaking its previous all-time high of $69,000, a critical resistance level. Analysts remain optimistic about the price movement, emphasizing the importance of low volatility and the need for supply to diminish at this resistance zone. The ongoing battle at this price level is crucial, and breaching it could pave the way for new all-time highs and sustained bullish momentum in the Bitcoin market.
