Bitcoin Needs to Surpass $69K for Stable Breakout, Says Material Indicators' Co-Founder
Summary:
Bitcoin may not witness a "stable breakout" until it surpasses its 2021 all-time high, says Keith Alan, co-founder of Material Indicators. He pointed out $69,000 as the crucial price level for Bitcoin. BTC/USD must revisit its previous high and sustain continued price growth, a trend interrupted due to sell-side liquidity. Alan wasn't shocked by the current lethargy and sees no genuine breakout until BTC supporters validate resistance-support flip at $69,000. If Bitcoin can have a monthly closure above $69,000, it signals an end to consolidation and the beginning of significant growth.
The digital currency, Bitcoin (BTC), will not achieve a "stable breakout" unless it exceeds its 2021 all-time peak according to an analysis. Keith Alan, the co-founder of the trading platform Material Indicators, suggested that the new pivotal BTC price point is $69,000. This turning point is critical for Bitcoin's future performance.
Entering into the end of May, Bitcoin has shown positive signs, however, it still struggles with larger challenges. About three months following reaching its newest all-time high of $73,800, BTC/USD has been unable to revisit that pinnacle and continue its price ascension. Given the present location of sell-side liquidity on order books, Alan was not shocked by this stagnation.
His commentary summarized that those surprised by the resistance points have not been keeping a close eye on the developments. He further added that he wouldn't anticipate a genuine and lasting breakout until BTC champions can confirm a Resistance/Support flip at $69,000.
Alan's analysis suggested that the current resistance level of $69,000 needs to become a support point to free the price range from stagnation. Whether Bitcoin can construct a new building block or will remain in consolidation within this range will be determined by a monthly closure above or below $69,000.
As some experts speculate, Bitcoin may continue to consolidate for a while, aligning with characteristic BTC price trends post a block subsidy halving event.
The day before, Bitcoin’s upward trajectory hit another snag at its attempts to maintain performance above the $69,000 mark, coinciding with the result announcement at a trial of United States presidential candidate - Donald Trump.
Alan responded to this by highlighting that another rejection from $69,000 was not a matter of surprise or significant concern. He emphasized that the following day would be more crucial. A monthly closing for Bitcoin above $69,000 after almost three months of rejections would be outstanding, he added.
Based on data from Cointelegraph Markets Pro and TradingView, BTC/USD was trading around $67,900 at the time this article was drafted.
Monitoring resource CoinGlass shows that Bitcoin is on track to secure its first positive May month in four years. Observing a wider picture, Bitcoin is still down in Q2 following a staggering 70% rise in the first quarter.
This piece does not provide investment advice or proposals. Every financial operation presents risk. Therefore, readers should independently conduct research before making a decision.
Published At
5/31/2024 12:46:07 PM
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