In the midst of a prolonged sell-off period for Bitcoin, analysts remain optimistic about a potential rebound. Additionally, Bitcoin has become a topic of consideration in US political leadership. Daan Crypto Trades, a renowned crypto trader and investor, believes that Bitcoin must surpass the $69,000 resistance level in order to reach a new all-time high. While this may take some time and effort, the trader predicts that the outcome will be remarkable once the supply in this region diminishes and impatient investors are replaced by patient ones.
It is worth noting that Bitcoin reached the $69,000 mark during the 2021 crypto bull run. Although this level was tested again on March 5 following the approval of spot Bitcoin Exchange-Traded Funds (ETFs) in the United States, Bitcoin has remained below this threshold for the past ten weeks despite numerous attempts to break through.
CryptoJelle, another bullish analyst, supports Bitcoin’s future price movement and asserts that its market structure remains firmly bullish. The analyst predicts that a new all-time high for Bitcoin is imminent, as the coin has been in a steady uptrend for over a year and is currently consolidating just below its current all-time highs.
CryptoCon, a pseudonymous crypto analyst, considers Bitcoin’s recent price volatility as a healthy part of its price action. While acknowledging that Bitcoin has experienced 42 days of low volatility, the analyst believes that the next positive movement for the coin is on the horizon. The analyst emphasizes the importance of these periods of low volatility in building support for future price increases.
At present, Bitcoin is trading at $67,624, experiencing a decline of 1.24% in the past 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 an interesting development, former US President Donald Trump has shown interest in utilizing Bitcoin to address the US debt crisis. Trump reportedly reached out to Bitcoin Magazine CEO David Bailey to discuss the potential use of Bitcoin in resolving the country’s $35 trillion debt. Bailey and his team have 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 reportedly opposed to favorable crypto policies.
Overall, despite the current sell-off period, Bitcoin remains a subject of interest and speculation among analysts and political leaders. Its ability to surpass the $69,000 resistance level and its potential role in addressing the US debt crisis continue to be topics of discussion in the crypto community.