Bitcoin’s price has lingered below the $69,000 mark for the past ten weeks, a consolidation phase that analysts consider a sign of robust market activity.

With 5,572 total views and 16 shares, this insight is gathering significant attention.

According to crypto analysts, Bitcoin stands on the verge of entering price discovery, provided it can overcome the critical resistance at its previous peak of $69,000.

BTC reached its zenith of around $69,000 during the 2021 bull market. This level was retested on March 5 following the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States earlier this year.

Despite multiple efforts, Bitcoin has been unable to surpass this barrier for nearly ten weeks.

BTC/USD daily chart. Source: TradingView Crypto

Daan Crypto Trades emphasized that breaking through previous highs is “never an easy battle” and requires time.

He highlighted that the supply around the resistance zone must “dry up,” with coins transitioning from impatient to patient holders, which typically leads to positive outcomes.

“#Bitcoin Fighting the last resistance before full on price discovery.”

BTC/USD weekly chart. Source: Daan Crypto Trades

Other analysts share this optimistic outlook. Crypto analyst Jelle proclaimed on May 30 via X that Bitcoin’s market structure remains “firmly bullish,” noting that the price has been in “a steady uptrend for well over a year now, consolidating right below the current all-time highs.”

In another X post, Jelle pointed out that BTC’s price was retesting a crucial support level after “breaking out from the falling wedge” on the daily chart.

“Holding here could soon lead to new all-time highs.”

“This period is only half as long as the August-October 2023 stretch, one of Bitcoin’s least volatile phases,” CryptoCon noted in a May 29 X post. “Such low volatility periods are essential for building support for the next upward move.”

“The next green box is loading…”

BTC/USD daily chart. Source: CryptoCon

Daan Crypto Trades observed approximately “$100 million in sell orders around $69K,” contributing to the sell-side pressure at this level.

Data from CoinGlass reveals that $68,700 is a significant bid liquidity zone just below this resistance.

Source: Cointelegraph