Bitcoin (BTC) is unlikely to experience a lasting breakout until it overcomes its previous all-time high set in 2021, according to Keith Alan, co-founder of Material Indicators. In his analysis shared on the social media platform X on May 31, Alan emphasized that the $69,000 mark is the crucial level BTC needs to surpass.
As Bitcoin approaches the end of May, the cryptocurrency is closing the month positively, yet the larger struggle to maintain higher ground continues. Despite hitting new highs close to $73,800 nearly three months ago, BTC/USD has not been able to reach those levels again, delaying further price discovery. Alan notes that this isn’t a surprise considering how sell-side liquidity is positioned on order books.
“If you’re surprised by the current resistance, you haven’t been paying close attention,” Alan remarked. He believes a true, sustainable breakout will only happen if Bitcoin bulls manage to turn $69,000 from a resistance into a support level – a process known as an R/S Flip. Whether Bitcoin can achieve this successful flip is essential to its future price trajectory.
Alan further explained that a monthly close either above or below the $69,000 mark would be crucial in determining if Bitcoin is poised to make its next upward move or will continue to consolidate within its current range. This outlook aligns with the typical post-block subsidy halving behavior of Bitcoin, which often sees periods of consolidation.
The day before these comments, Bitcoin faced yet another failed attempt to stay above the $69,000 threshold. This failure coincided with news surrounding the verdict of the trial involving United States Presidential candidate Donald Trump. Despite this setback, Alan wasn’t overly concerned, noting that the true test would be in the following days. After nearly three months of facing resistance at $69,000, a monthly close above this level would be a significant milestone for Bitcoin.
At the time of Alan’s analysis, Bitcoin was trading around $67,900. Data from Markets Pro and TradingView confirmed this valuation. This ongoing struggle highlights the importance of the $69,000 level in BTC’s price movements.
Interestingly, data from CoinGlass indicates that Bitcoin is on track to achieve its first positive May in four years. If current trends continue, May 2024 could be Bitcoin’s best performance for the fifth month of the year since 2019, with a return of 12%. This positive performance could provide some optimism for traders and investors.
It is crucial to note that Bitcoin remains down in the second quarter of the year, following a remarkable near 70% surge in Q1. This mixed performance underscores the volatility and unpredictability inherent in the cryptocurrency market.
While Bitcoin is showing signs of resilience, the $69,000 mark remains a pivotal level that it needs to conquer for a sustainable breakout. Traders and analysts alike will be closely watching how Bitcoin performs in the coming days and whether it can secure a monthly close beyond this critical threshold.
What’s new? Bitcoin keeps playing this game of almost making it, but never does. I’m exhausted by all the false starts and broken promises.
Bitcoin’s a rollercoaster of hype and disappointment. Reaching $69,000 is just another empty goal in a long list of unfulfilled promises.
If Bitcoin were truly resilient, it wouldn’t be so dependent on a single price point like $69,000. It’s all hype and no substance.
Super insightful analysis by Keith Alan! BTC needs to conquer that $69K level to soar again.
Month after month, it’s the same struggle. Bitcoin can’t maintain its highs and keep consolidating. It’s just not cutting it for serious investors.
Fantastic read! Capturing $69K as support is essential for Bitcoin’s next big move!
Honestly, how many times do we need to hear about another ‘crucial level’? I’m tired of the same story, different day. Bitcoin needs to prove itself, not just rely on speculations.
Excellent analysis, Keith Alan! Its clear BTC needs to flip $69K to support for lasting gains.
Bitcoin’s supposed resilience doesn’t seem impressive when it’s all about struggling around $69,000. Anyone still optimistic is just ignoring the facts.
So true! Keith Alan highlights the importance of the $69,000 resistance. Come on, Bitcoin Bulls!
Bitcoin hitting $69,000 as a resistance again isn’t surprising. It’s a cold reminder that BTC is all about volatility without any real staying power.
Loving Keith Alan’s perspective on BTC’s resistance. Here’s hoping for that breakthrough! 💡📈
A very detailed and insightful read. BTC needs that $69K to turn into support for sure. Cheers, Keith Alan! ✌️🚀
Insightful comments from Keith Alan on BTC. That $69K level is definitely the battleground!
Absolutely love Keith Alan’s take! The $69K mark is pivotal for Bitcoin’s next step.
Couldn’t agree more! Keith Alan’s analysis is spot on. $69,000 is the make-or-break level for BTC. 💰💡
Absolutely, Keith Alan nails it. Bitcoin needs to clear the $69,000 hurdle. Let’s go BTC!
Again with the ‘crucial level’ narrative. How about some actual progress for once? Bitcoin just keeps teasing and never delivering.
A clear, concise analysis by Keith Alan. Cant wait to see how BTC tackles the $69,000 mark!
Excellent insight from Keith Alan BTCs path is clear. $69,000 is the key!
Bitcoin is just lagging as usual. Until it can actually make a solid move past $69,000 and stay there, it’s a snooze fest. 🛌
I wouldn’t hold my breath waiting for Bitcoin to surpass $69,000. Every time it approaches, it gets knocked back down. Same old story.
Just another false hope for Bitcoin enthusiasts. Until BTC surpasses the $69,000 mark, it’s just a never-ending cycle of hype and disappointment.