Bitcoin preps a monthly close around a key level with implications for future BTC price gains.
BTC price needs to work to flip its old 2021 all-time high to support as the Bitcoin monthly close approaches. 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.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.BTC/USDT liquidity heatmap. Source: Keith Alan/X 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., some see consolidation continuing for some time in line with classic BTC price behavior after a block subsidy halving event.to sustain above the $69,000 mark. This came as the verdict at a trial of United States Presidential candidate Donald Trump were announced.“Tomorrow is when it matters most.
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