Bitcoin's Journey Towards Sustainability

In the quest for a sustainable breakout, Keith Alan from Material Indicators emphasizes the necessity for Bitcoin to surpass its 2021 all-time high. Alan, a co-founder of the trading resource, highlights the critical price level that Bitcoin must surpass - standing at $69,000.

The Battle of Bitcoin's Price Level

As Bitcoin approaches the end of May with optimism, a significant battle unfolds. Despite attaining a record high of $73,800 three months ago, Bitcoin has struggled to revisit those peaks.

Alan's analysis of the current market situation is unsurprising, considering the sell-side liquidity's position on order books. He predicts that a sustainable breakout hinges on Bitcoin bulls confirming a resistance/support shift at the $69,000 mark.

Significance of the $69,000 Threshold

Emphasizing the importance of the $69,000 threshold, Alan underlines the need for it to transition from resistance to support. He suggests that a monthly closure above or below this level will signal Bitcoin's readiness for the next phase or its continued consolidation.

Recent Developments

Bitcoin recently made an unsuccessful attempt to sustain above $69,000, coinciding with a significant trial verdict involving US Presidential candidate Donald Trump. Alan remains cautiously optimistic, deeming the next day's monthly close above $69,000 crucial after months of rejections.

Current Status

At present, Bitcoin is trading around $67,900. CoinGlass data indicates that Bitcoin is poised to register its first positive May in four years, despite a Q2 downtrend following a substantial 70% gain in the first quarter.