If Bitcoin Closes Above $69,000 For The Month, It Will Gain Strength.

The price of BTC should rely on the all-time high from 2021 as support as Bitcoin approaches its monthly closing.

Bitcoin (BTC) will not demonstrate a "definite uptrend" until it surpasses its historical peak from 2021.

Keith Alan, co-founder of the crypto analysis firm Material Indicators, stated in an analysis on May 31st on X (formerly known as Twitter) that $69,000 is now the key BTC price point that needs to be overcome.

$69,000 is a critical threshold for BTC. Bitcoin is progressing towards ending May with a green close, but a larger struggle persists.

BTC/USD reached the all-time high of $73,800 about three months ago, but has been unable to revisit those levels or sustain the price discovery process since then. Keith Alan summarized the current situation of BTC as follows:

"I don't expect a clear uptrend until BTC bulls surpass the $69,000 level."

Alan referred to the conversion of the $69,000 level from resistance to support to ensure the price remains in this range.

"A monthly close above or below $69,000 will indicate whether we are building the next leg or continuing consolidation in this range," he added.

Some believe that consolidation will continue for a while longer, consistent with typical Bitcoin price behavior after the block reward halving event.

In a previous attempt, Bitcoin made another unsuccessful attempt to stay above the $69,000 level. This occurred with the announcement of the verdict in the case involving United States presidential candidate Donald Trump.

Alan responded, "I wasn't surprised or overly concerned by another rejection from $69,000."

"The most important moment is tomorrow. After about 3 months of rejections, a monthly close above $69,000 would be monumental for Bitcoin."

According to data from TradingView, BTC/USD is trading at around $67,900 at the time of writing this article.

Bitcoin is on track to record its best May in recent years. Meanwhile, according to information from the monitoring platform CoinGlass, Bitcoin is about to complete its first "green" May in four years.

As of May 12, 2024, Bitcoin will have experienced its fifth most successful May since 2019.

However, following an almost 70% increase in the first quarter of the year, Bitcoin continues its downward trend in the second quarter.

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