Despite the ongoing decline in Bitcoin’s value, analysts remain hopeful for a potential recovery. Additionally, Bitcoin has become a topic of interest within the realm of US political leadership.
Renowned crypto trader and investor Daan Crypto Trades asserts that Bitcoin (BTC) must surpass the $69,000 resistance level in order to reach a new all-time high. This statement comes amidst recent discussions in the crypto community, fueled by the decline in BTC’s price.
Daan Crypto Trades acknowledges that the battle at the $69,000 resistance level may be arduous and lengthy. However, the trader believes that the outcome will be remarkable once the supply in this region diminishes and impatient investors trade their coins with patient ones.
It is important to note that Bitcoin reached the $69,000 mark during the 2021 crypto bull run. This level was tested again on March 5 following the approval of spot Bitcoin Exchange-Traded Funds (ETFs) in the United States. Despite numerous attempts to break through, Bitcoin has remained below this mark for over ten weeks.
Another optimistic analyst, CryptoJelle, supports Bitcoin’s future price movement. The analyst states that Bitcoin’s market structure remains firmly bullish, with a steady uptrend for over a year and consolidation just below the current all-time highs. The analyst believes it is only a matter of time before the next significant increase in price.
CryptoCon, a pseudonymous crypto analyst, considers Bitcoin’s recent price volatility as a normal part of healthy price action. The analyst notes that Bitcoin has spent 42 days in a low volatility phase, but believes that the next positive period for the coin is imminent.
At present, BTC is being traded at $67,624, showing a decrease of 1.24% in the last 24 hours. The trading volume has also decreased by 10.8% to $23.5 billion, while the market cap has decreased by 1.2% to $1.3 trillion.
In a surprising turn of events, former US President Donald Trump has shown interest in Bitcoin as a potential solution to offset the US’s $35 trillion debt. Trump reportedly discussed this with Bitcoin Magazine CEO David Bailey, who has been working with the Trump campaign to develop their Bitcoin and crypto policy agenda. On the other hand, President Joe Biden and his administration are allegedly still opposed to favorable crypto policies.
Overall, despite the ongoing sell-off period, analysts remain optimistic about Bitcoin’s future prospects.