Bitcoin (BTC) attempted to find support at $69,000 on May 22 after experiencing a decline from its recent highs, which raised concerns among analysts.
According to data from Cointelegraph Markets Pro and TradingView, the BTC price action weakened and tested the previous all-time highs from 2021 twice. The $69,000 level was seen as a crucial support level by some analysts.
Material Indicators, a trading resource, stated in its latest coverage on X that for a chance to validate a resistance/support flip at the previous all-time high, the support at $69,000 needed to hold. However, it also warned that one of its proprietary trading tools was indicating a clear downward signal on daily timeframes. It added that a move above $71.5k would invalidate this signal.
Other analysts were also worried about the growing possibility of rejection, which could undermine Bitcoin bulls’ attempt to break through resistance. John Bollinger, the creator of the Bollinger Bands volatility indicator, expressed his concern about the two-bar reversal at the upper Bollinger Band for BTC/USD.
Predictions of a broader BTC price retracement had already been made by the trading community, with Credible Crypto, a popular trader and commentator, being one of the most vocal proponents of a return to $60,000 or lower. A new chart uploaded to X further emphasized the likely support below the starting point of what Credible Crypto referred to as an “impulsive move.”
In the meantime, the decision on the United States spot Ether (ETH) exchange-traded funds (ETFs) was expected to impact Bitcoin targets. Filbfilb, the co-founder of trading suite DecenTrader, stated that if the ETFs were rejected by regulators, it would simply reset the market to its pre-impulse position. On the other hand, a positive ETF decision could potentially drive Bitcoin back into price discovery and push it to reach $80,000, according to Filbfilb.
It is important to note that this article does not provide investment advice or recommendations. Every investment and trading decision involves risk, and readers should conduct their own research before making any decisions.