As Bitcoin's monthly close approaches, analysts are closely watching the $69,000 level, with many believing that a sustained breakout above this key threshold could pave the way for significant price gains. Keith Alan, co-founder of trading resource Material Indicators, emphasized the importance of flipping Bitcoin's old all-time high from 2021 to support for a sustainable breakout.

In an analysis shared on X (formerly Twitter) on May 31, Alan highlighted the ongoing battle for Bitcoin to surpass its previous all-time highs of $73,800 and continue its price discovery phase. Despite trading in the green as the month comes to a close, Bitcoin has struggled to reclaim its previous highs, facing resistance at the $69,000 level.

Alan pointed out that overcoming this resistance and establishing $69,000 as support is crucial for Bitcoin bulls to validate a sustainable breakout. He emphasized the significance of the upcoming monthly close, stating that it would provide critical insights into Bitcoin's price trajectory. A monthly close above or below $69,000 will signal whether Bitcoin is poised to build upon its recent gains or continue consolidating within its current range.

While some observers anticipate continued consolidation in line with historical patterns following a block subsidy halving event, Alan remains optimistic about Bitcoin's potential for a breakout. Despite recent rejections at the $69,000 level, he believes that a monthly close above this threshold would be "epic," marking a significant milestone for Bitcoin's price action.

At the time of writing, Bitcoin is trading around $67,900, according to data from Cointelegraph Markets Pro and TradingView. Despite short-term fluctuations, Bitcoin is on track to record its first "green" May month in four years, with a 12% gain. However, the cryptocurrency remains down for the second quarter after a strong performance in the first quarter of the year, highlighting the ongoing volatility and uncertainty in the market.