Bitcoin (BTC) is currently contending with a critical resistance level at $69,000, a threshold it first reached during the 2021 bull run. Over the past 10 weeks, BTC has tested this level multiple times but has yet to decisively break through. Analysts believe this level represents the "last resistance" before Bitcoin can enter a new phase of price discovery and potentially reach new all-time highs.
Crypto analyst Daan Crypto Trades notes that breaching such significant resistance is typically challenging and requires time for supply to diminish around the resistance zone. As coins transition from impatient to patient holders, the likelihood of overcoming this barrier increases. Daan emphasizes that the battle at this resistance level is a healthy sign of price consolidation.
Fellow analyst Jelle shares this bullish sentiment, highlighting that Bitcoin's market structure remains firmly positive. Jelle points out that BTC has been in a steady uptrend for over a year and is currently consolidating just below its previous all-time highs. This pattern, according to Jelle, suggests that new all-time highs are imminent, provided Bitcoin holds its current support levels.
CryptoCon, another prominent analyst, describes the current low volatility around $69,000 as a constructive phase for Bitcoin. These periods of low volatility are essential for building strong support, paving the way for the next significant price move.
Despite the optimism, significant sell orders around $69,000, totaling approximately $100 million, continue to exert sell-side pressure. Data from CoinGlass indicates substantial bid liquidity just below this resistance, around $68,700, adding to the complex dynamics at play.
As of the latest updates, Bitcoin is trading at $68,485, up 1.5% in the past 24 hours. The crypto community remains watchful, anticipating whether Bitcoin can overcome this last hurdle and embark on a new bullish journey.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
