Bitcoin price monthly close above $69K would be 'epic' — New analysis

BTC price needs to work to flip its old 2021 all-time high to support as the Bitcoin monthly close approaches.

Bitcoin (BTC) will not enjoy a “sustainable breakout” until it flips its old all-time high from 2021.

In analysis on X (formerly Twitter) on May 31, Keith Alan, co-founder of trading resource Material Indicators, said that $69,000 is now the key BTC price level to beat.

$69,000 remains do-or-die BTC price level

Bitcoin is headed into the May monthly close in the green, but a larger battle continues to rage.

Nearly three months after its latest all-time highs of $73,800, BTC/USD has failed to revisit those levels and continue price discovery.

Considering where sell-side liquidity now sits on order books, Alan was far from stunned by the status quo.

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

“I’m not expecting a legit, sustainable breakout until BTC bulls can validate an R/S Flip at $69k.”

Alan referred to turning $69,000 into support from its current status as resistance, keeping price rangebound.

“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,” he added.

As Cointelegraph reported, some see consolidation continuing for some time in line with classic BTC price behavior after a block subsidy halving event.

The day prior, Bitcoin saw another failed attempt to sustain above the $69,000 mark. This came as the verdict at a trial of United States Presidential candidate Donald Trump were announced.

“Not surprised or overly concerned about another rejection from $69k today,” Alan responded.

“Tomorrow is when it matters most. After nearly 3 months of rejections, a monthly close for Bitcoin above $69k would be epic.”

BTC/USD traded at around $67,900 at the time of writing, per data from Cointelegraph Markets Pro and TradingView.

Bitcoin teases best May in years

Data from monitoring resource CoinGlass meanwhile shows that Bitcoin is on track to seal its first “green” May month in four years.

Related: Bitcoin has ‘3 bullish reasons’ to head higher after $68K dip — analysis

At 12%, May 2024 would end up Bitcoin’s most successful fifth month of the year since 2019.

Zooming out, however, Bitcoin remains down in Q2 after its near 70% advance in the first quarter.

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.