Bitcoin

when

Material

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin (BTC) needs to surpass its 2021 all-time high for a sustainable breakout, according to Keith Alan of Material Indicators.</li>
 <li>The critical BTC price level to beat is now $69,000.</li>
</ul>
<p>Keith Alan, co-founder of trading resource Material Indicators, has stated that <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> must surpass its previous all-time high from 2021 to achieve a lasting breakout.</p>
<h2 id="bitcoin-s-price-level-battle">Bitcoin’s Price Level Battle</h2>
<p>Bitcoin is set to end May on a positive note, but a larger battle continues. Despite reaching an all-time high of $73,800 three months ago, Bitcoin has not revisited those levels.</p>
<p>Alan was not surprised by the current situation, given the position of sell-side liquidity on order books. He stated that a sustainable breakout would only occur when Bitcoin bulls could confirm a resistance/support flip at $69,000.</p>
<h2 id="the-importance-of-69-000">The Importance of $69,000</h2>
<p>Alan pointed out that the $69,000 mark needs to transition from resistance to support to keep the price within a specific range. He suggested that a monthly close above or below $69,000 would indicate whether Bitcoin is preparing for the next phase or continuing to consolidate within this range.</p>
<p>The day before, Bitcoin made another unsuccessful attempt to sustain above the $69,000 mark. This coincided with the verdict announcement at a trial involving US Presidential candidate Donald Trump.</p>
<p>Alan was not overly concerned about this, stating that the following day would be more critical. He emphasized that a monthly close for Bitcoin above $69,000 would be significant after nearly three months of rejections.</p>
<p>Bitcoin was trading at around $67,900 at the time of writing.</p>
<p>Data from CoinGlass shows that Bitcoin is on track to record its first positive May month in four years. However, Bitcoin remains down in Q2 despite a near 70% increase in the first quarter.</p>

‘Groundbreaking’ $69K Bitcoin Monthly Close Predicted by Recent Analysis

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