Bitcoin Poised for Price Discovery, Awaiting $69,000 Breakthrough: Crypto Analysts
Summary:
Cryptocurrency experts suggest Bitcoin (BTC) is poised to reach price discovery if it can surpass the resistance at its former peak of $69,000. The resistance level was tested again on March 5 following the approval of spot Bitcoin ETFs in the U.S. Despite several attempts, Bitcoin remained below this threshold for approximately 10 weeks. Experts believe the challenge of breaking past former peaks is typically a difficult and slow process. For Bitcoin to surpass this resistance, supply needs to diminish at this level and impatient holders need to transition to patient ones. As of May 30, BTC was trading at $68,485, a 1.5% increase over the previous 24 hours.
Cryptocurrency experts have suggested that Bitcoin (BTC) is on the edge of reaching price discovery, with the only obstacle being surpassing the key resistance at its former peak of $69,000. BTC reached this high during 2021's bull run. It faced the same level on March 5, after spot Bitcoin exchange-traded funds (ETFs) got the green light in the United States earlier in the year. Despite multiple attempts, Bitcoin's price remained below the $69,000 mark for nearly a 10 week stretch.
According to Daan Crypto Trades, a well-known cryptocurrency analyst, battling past old peaks is typically a difficult challenge that takes time. Daan explained that for this to happen, supply around the resistance area needs to diminish while impatient holders morph into patient ones, which typically resulted in good prospects. He went on to say, "Bitcoin is bracing against the last resistance before stepping into price discovery."
Other crypto-experts echo Daan's positive outlook. Analyst, Jelle insisted in a May 30 post that Bitcoin's market framework remains bullish. He added that Bitcoin’s price has followed a steady upward trend for over a year, accumulating just beneath the current record highs.
In another post, Jelle pointed out that BTC's price is revisiting a crucial support level after breaking free from the declining wedge trend on the daily chart. He emphasized that maintaining this stance means new highs are on the horizon.
CryptoCon, a pseudonymous crypto-analyst, characterized Bitcoin's existing low volatility near the former highs as a sign of healthy pricing. This analyst noted in a May 29 post that these periods of low instability are key to prepare for the next ascent.
Addressing the considerable sell orders of about $100M at the $69K level, Daan Crypto Trades added this to the selling pressure at this point. CoinGlass' data reveals that $68,700 stands as an important bid liquidity region a notch below this resistance.
At present, BTC's trade on May 30 is at $68,485, a 1.5% increase over the previous 24 hours.
Note: This news piece doesn't include any advice or recommendations related to investments or trading. Every business move is risky and readers must conduct independent research before making decisions.
Published At
5/30/2024 8:08:06 PM
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