Bitcoin (BTC) attempted to establish $69,000 as a support level on May 22, causing concern among analysts as it retreated from its recent highs. The price action of BTC showed signs of weakness, with two tests of the previous all-time highs in 2021. Despite still being above $69,000 at the time of writing, this level was seen as a crucial line of support. Material Indicators, a trading resource, mentioned the importance of this support level and the possibility of a resistance/support flip at $69,000. However, it also noted that one of its proprietary trading tools was indicating a clear downward signal on daily timeframes. Material Indicators stated that a move above $71.5k would invalidate this bearish signal. Other analysts shared similar concerns about a potential rejection that could undermine Bitcoin’s attempt to break through resistance levels. John Bollinger, the creator of the Bollinger Bands indicator, expressed his concern about a two-bar reversal at the upper Bollinger Band for BTC/USD. As previously reported, traders had already predicted a broader retracement in the price of Bitcoin, with Credible Crypto suggesting a return to $60,000 or even lower. A new chart posted by Credible Crypto indicated that the likely support level would be below the starting point of the impulsive move in Bitcoin’s price. Meanwhile, the decision on Ether (ETH) exchange-traded funds (ETFs) in the United States influenced the potential targets for Bitcoin. Filbfilb, co-founder of trading suite DecenTrader, stated that if the ETFs were rejected by regulators, the market would simply reset to where it was last week. On the other hand, a positive ETF decision could propel Bitcoin back into price discovery and potentially reach $80,000. The ETH/BTC pair reached its highest levels since mid-March on May 21. It is important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.
BTC price tests $69K, Ether reaches highest value against Bitcoin in 2 months