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Bitcoin&nbsp;is on the cusp of entering price discovery, contingent on breaching the critical resistance at its previous all-time high of $69,000, according to crypto analysts.
Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>)&nbsp;hit its peak of around $69,000 during the 2021 bull run. This level was tested again on March 5, following the <a href="https://cointelegraph.com/news/sec-spot-bitcoin-etf-approvals">approval of spot Bitcoin exchange-traded funds (ETFs)</a>&nbsp;in the United States earlier this year. 
Despite several attempts to break through, Bitcoin has <a href="https://cointelegraph.com/news/why-is-bitcoin-price-stuck">remained below this threshold</a>&nbsp;for approximately 10 weeks.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/8ff23ec9-8418-4395-967f-f295154c0660.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD daily chart. Source: TradingView
 </figcaption>
</figure>
Crypto analyst Daan Crypto Trades said that the fight to breach old-time highs is “never an easy fight,” and it usually takes time before this is achieved. 
He <a href="https://x.com/DaanCrypto/status/1795908721845088682" target="_blank" rel="noopener nofollow">noted</a>&nbsp;that supply needs to “dry up” around the resistance zone and coins must transition from impatient to patient holders, which usually leads to favorable outcomes. 
<blockquote data-ct-non-breakable="true">
 “#Bitcoin&nbsp;Fighting the last resistance before full on price discovery.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/d4cc3b3a-0330-4af6-b8f0-86cadfbc2aec.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD weekly chart. Source: Daan Crypto Trades
 </figcaption>
</figure>
Other crypto analysts share this bullish sentiment. “Bitcoin’s market structure remains firmly bullish!” <a href="https://x.com/CryptoJelleNL/status/1796085582407331878" target="_blank" rel="noopener nofollow">declared</a> crypto analyst Jelle in a May 30 post on X, adding that the price has been in “a steady uptrend for well over a year now, consolidating right below the current all-time highs.”
In another X post, Jelle <a href="https://x.com/CryptoJelleNL/status/1796095255265132932" target="_blank" rel="noopener nofollow">noted</a> that BTC’s price was retesting a key support level after “breaking out from the falling wedge” on the daily time frame. 
<blockquote data-ct-non-breakable="true">
 “Hold here, and new all-time highs should come soon enough.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/0926774f-ee82-46ec-855d-e714f522907a.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD daily chart. Source: Jelle
 </figcaption>
</figure>
Pseudonymous crypto analyst CryptoCon described Bitcoin’s current low volatility around the previous highs as healthy price action.
“This is only half the time we saw in August — October 2023, which was one of the least volatile periods in Bitcoin’s history [...] These times of low volatility are crucial to build support for the next leg up,” they <a href="https://x.com/CryptoCon_/status/1795865980620402782" target="_blank" rel="noopener nofollow">wrote</a> in a May 29 post on X.
Related: <a href="https://cointelegraph.com/news/bitcoin-price-boredom-zone-consolidation-or-boom-traders-debate">Bitcoin in 42-day ‘boredom zone’ — traders debate next move</a>
<blockquote data-ct-non-breakable="true">
 “The next green box is loading...”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/9340d5d4-028e-45e4-ba6d-6263b3b67015.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD daily chart. Source: CryptoCon
 </figcaption>
</figure>
Daan Crypto Trades <a href="https://x.com/DaanCrypto/status/1795787925994516499" target="_blank" rel="noopener nofollow">noticed</a> about “$100M in sell orders sitting around $69K” adding to sell-side pressure from this level. 
CoinGlass data indicates that $68,700 is a significant area of bid liquidity just below this resistance.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/29353435-3732-4d6c-bd68-6eb61a9d309c.png" alt="" title="">
 <figcaption style="text-align: center;">
 Bitcoin liquidation heatmap. Source: CoinGlass
 </figcaption>
</figure>
At the time of publication, BTC was trading at $68,485 on May 30, up 1.5% over the last 24 hours.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Traders say Bitcoin price fights ‘last resistance’ at $69K before new all-time highs

Cointelegraph

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