Key Points
- Bitcoin (BTC) is close to entering price discovery, depending on if it can break past its previous all-time high of $69,000.
- Despite several attempts, Bitcoin has remained below this threshold for approximately 10 weeks.
Bitcoin is teetering on the edge of entering a phase of price discovery, with the only obstacle being the critical resistance at its previous all-time high of $69,000. This is the viewpoint held by a number of cryptocurrency analysts.
The highest value that Bitcoin has ever reached was approximately $69,000, achieved during the 2021 bull run. This level was tested again on March 5, following the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States earlier this year. However, Bitcoin has been unable to break through this barrier, remaining below it for around 10 weeks.
Analysts' Perspectives
Crypto analyst Daan Crypto Trades has suggested that breaching past old-time highs is not an easy task and usually requires time. He explained that the supply needs to "dry up" around the resistance zone and coins must shift from impatient to patient holders, which usually results in favorable outcomes. He stated that Bitcoin is currently battling the last resistance before entering full-on price discovery.
Other cryptocurrency analysts share this bullish sentiment. Crypto analyst Jelle declared that Bitcoin's market structure remains firmly bullish, noting that the price has been in a steady uptrend for over a year, consolidating right below the current all-time highs.
Current Market Conditions
CryptoCon, a pseudonymous crypto analyst, described Bitcoin's current low volatility around the previous highs as healthy price action. They noted that these periods of low volatility are crucial to build support for the next upward move.
Daan Crypto Trades pointed out about "$100M in sell orders sitting around $69K," adding to the sell-side pressure from this level. Data from CoinGlass indicates that $68,700 is a significant area of bid liquidity just below this resistance.
At the time of the report, Bitcoin was trading at $68,485 on May 30, marking a 1.5% increase over the last 24 hours.
