Key Points
- Bitcoin (BTC) needs to surpass its 2021 all-time high for a sustainable breakout, according to Keith Alan of Material Indicators.
- The critical BTC price level to beat is now $69,000.
Keith Alan, co-founder of trading resource Material Indicators, has stated that Bitcoin must surpass its previous all-time high from 2021 to achieve a lasting breakout.
Bitcoin’s Price Level Battle
Bitcoin is set to end May on a positive note, but a larger battle continues. Despite reaching an all-time high of $73,800 three months ago, Bitcoin has not revisited those levels.
Alan was not surprised by the current situation, given the position of sell-side liquidity on order books. He stated that a sustainable breakout would only occur when Bitcoin bulls could confirm a resistance/support flip at $69,000.
The Importance of $69,000
Alan pointed out that the $69,000 mark needs to transition from resistance to support to keep the price within a specific range. He suggested that a monthly close above or below $69,000 would indicate whether Bitcoin is preparing for the next phase or continuing to consolidate within this range.
The day before, Bitcoin made another unsuccessful attempt to sustain above the $69,000 mark. This coincided with the verdict announcement at a trial involving US Presidential candidate Donald Trump.
Alan was not overly concerned about this, stating that the following day would be more critical. He emphasized that a monthly close for Bitcoin above $69,000 would be significant after nearly three months of rejections.
Bitcoin was trading at around $67,900 at the time of writing.
Data from CoinGlass shows that Bitcoin is on track to record its first positive May month in four years. However, Bitcoin remains down in Q2 despite a near 70% increase in the first quarter.
