Originally published on: May 30, 2024
Bitcoin is poised to enter uncharted territory as it approaches the critical resistance level at its previous peak of $69,000, signaling a potential breakout, according to experts in the crypto space.
During the 2021 bull market, Bitcoin hit an all-time high of $69,000, a level that has now become the battleground for bulls and bears. Despite multiple attempts in the past weeks, Bitcoin has struggled to surpass this key resistance, hovering just below it for around 10 weeks.
Crypto analyst Daan Crypto Trades highlighted the challenging nature of breaking old-time highs, emphasizing the need for supply to diminish and holders to adopt a patient stance for a successful breakthrough.
Several other analysts echoed this optimism, with Jelle asserting that Bitcoin’s market structure remains bullish and has been on a steady uptrend for over a year. Similarly, CryptoCon described the current low volatility around previous highs as a healthy consolidation phase vital for the next uptrend.
Sell orders totaling $100 million at $69,000 pose a hurdle for Bitcoin, while bid liquidity around $68,700 provides support just below this critical level.
As of May 30, Bitcoin was trading at $68,485, registering a 1.5% increase in the last 24 hours. While this article does not offer investment advice, it suggests that investors conduct thorough research before making any financial decisions.
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