Bitcoin’s Road to Resilience: The $69,000 Resistance Test – Investor Bites

Bitcoin, currently priced at $68,196, will not experience a “sustainable breakout” until it surpasses its previous all-time high from 2021. 

Keith Alan, co-founder of trading resource Material Indicators, emphasized this in his May 31 analysis on X (formerly Twitter). According to Alan, $69,000 is the crucial level BTC needs to overcome.

As Bitcoin heads towards a positive close for May, a larger struggle is unfolding. Despite reaching an all-time high of $73,800 nearly three months ago, BTC/USD has been unable to revisit or surpass this milestone.

Keith Alan wasn’t surprised by the current market resistance, pointing out,

 If you are surprised about where resistance is, you haven’t been paying attention.

 He believes that a legitimate and sustainable breakout won’t occur until Bitcoin bulls manage to turn $69,000 from a resistance level into support. He elaborated

A monthly close above or below $69k will tell us whether we are building the next leg or going to continue to consolidate in this range.

This view aligns with classic BTC price behavior post-block subsidy halving events, which typically involve prolonged consolidation periods.

Bitcoin experienced another failed attempt to stay above $69,000 just as the verdict in the trial of the U.S. Presidential candidate Donald Trump was revealed. Alan responded to this saying, 

Not surprised or overly concerned about another rejection from $69k today. Tomorrow is when it matters most. After nearly 3 months of rejections, a monthly close for Bitcoin above $69k would be epic.

BTC/USD 1-month chart. Source: TradingView

At the time of writing, BTC/USD was trading at approximately $67,900, based on data from Cointelegraph Markets Pro and TradingView.

Despite the ongoing challenges, Bitcoin is on track to close its first positive May in four years. Data from CoinGlass indicates that May 2024 could end with a 12% increase, making it Bitcoin’s most successful fifth month since 2019. However, looking at the bigger picture, Bitcoin remains down for Q2 after a nearly 70% rise in Q1.

BTC/USD monthly returns (screenshot). Source: CoinGlass

Bitcoin’s journey to overcome the $69,000 barrier continues to captivate market watchers, with many eagerly awaiting the potential implications of a decisive breakthrough.

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• Source: https://investorbites.com/bitcoins-road-to-resilience-the-69000-resistance-test/