Bitcoin Faces Support Test Ahead of New All-Time Highs, Shorts Keep Price in Check

Bitcoin (BTC) experienced unexpected selling pressure near the daily close, triggering predictions of a support retest before it can reach new all-time highs. The price action has been characterized by attempts to break through resistance below all-time highs, followed by sharp downward wicks. Analysts believe that a retest of support around $69,000 is likely. This was emphasized by signals from Material Indicators' trading algorithms and a significant amount of BTC selling from major exchanges. The bullish sentiment in the market managed to rescue the daily close, avoiding further weakness. Despite these bullish signals, Bitcoin remains within a range, and some experts attribute the slow progress towards new highs to whales suppressing the price to protect their short positions.