Bitcoin Price Stalls: Can It Reclaim $69K for a Strong Monthly Close?

Bitcoin Stalls at $69,000 Hurdle: Can It Break Through for a Strong May Close?

Bitcoin’s price has been stuck in a holding pattern for the past few months, failing to climb above its previous all-time high of $69,000 set in 2021. This key price point has become a critical hurdle for the cryptocurrency, according to analysts.

On May 31st, Keith Alan, co-founder of trading resource Material Indicators, stated on social media that surpassing $69,000 is essential for Bitcoin to achieve a “sustainable breakout.” He explained that flipping this resistance level into support is necessary for a significant price increase.

Current Situation: Consolidation or Next Move?

While Bitcoin is likely to end May in positive territory, its recent performance has been marked by consolidation. This means the price has been hovering within a specific range, unable to break above $69,000 or fall significantly below.

Alan believes the May monthly closing price will be a telling sign. A close above $69,000 could signal a potential upward trend, while a close below might indicate continued consolidation.

Bitcoin has attempted to surpass $69,000 several times in recent months, but these efforts haven’t been successful. This includes a failed attempt on May 30th, coinciding with the announcement of the verdict in the US Presidential candidate Donald Trump’s trial.

Despite the current stall, data suggests that May 2024 could be Bitcoin’s strongest May performance in four years, with a potential gain of around 12%. However, this wouldn’t be enough to erase Bitcoin’s overall losses in the second quarter of 2024, following a strong first quarter.