On May 22, Bitcoin aimed to turn the $69,000 mark into a support level, causing concern among analysts as prices pulled back from local highs.
Data from Cointelegraph Markets Pro and TradingView revealed weakening Bitcoin price action, resulting in two tests of the previous all-time highs from 2021.
At the time of writing, Bitcoin remained above $69,000, a crucial threshold for many.
“Support at $69k needs to hold to have a chance to validate an R/S flip at the prior ATH,” stated trading resource Material Indicators on X.
This referred to a potential resistance/support flip at $69,000.
However, Material Indicators also warned that one of its proprietary trading tools was signaling a “clear” downtrend on daily timeframes, adding, “For me, a move above $71.5k would invalidate.”
Other analysts shared similar concerns about the increasing risk of rejection, potentially thwarting Bitcoin bulls’ efforts to overcome resistance.
John Bollinger, creator of the Bollinger Bands volatility indicator, expressed his apprehensions, noting, “I am not fond of the two-bar reversal at the upper Bollinger Band for $btcusd. Suggests a consol or a pullback. Not bearish here, just short-term concerned.”
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As previously reported by Cointelegraph, some traders, including Credible Crypto, had already predicted a broader Bitcoin price retracement.
“Credible Crypto has been one of the most vocal advocates for a return towards $60,000 or lower, with a recent chart on X indicating likely support below the starting point of an “impulsive move.”
The week’s decision on United States spot Ether exchange-traded funds (ETFs) was also pivotal for Bitcoin targets, according to Filbfilb, co-founder of trading suite DecenTrader.
Updating X followers, Filbfilb suggested that an ETF rejection by regulators would only reset the market to its position before the recent impulse.
He concluded, “If ETH ETF is rejected then simply reset to where we were last week.” Conversely, a positive ETF decision could propel Bitcoin into price discovery and potentially reach $80,000.
On May 21, ETH/BTC reached its highest levels since mid-March.
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