Bitcoin (BTC) aimed to establish $69,000 as a support level on May 22 after experiencing a drop from previous highs, causing concern among analysts.
BTC/USD 4-hour chart. Source: TradingView
Data from Cointelegraph Markets Pro and TradingView indicated a weakening BTC price action, resulting in two tests of the previous all-time highs from 2021.
At the time of writing, BTC was still above $69,000, which was considered a crucial level by some analysts. Material Indicators, a trading resource, stated that for a chance to confirm 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.
“For me, a move above $71.5k would invalidate,” Material Indicators added.
BTC/USD chart with trading signals. Source: Material Indicators
Other analysts shared similar concerns about the growing possibility of rejection that could undermine Bitcoin bulls’ recent attempt to break through resistance. John Bollinger, the creator of the Bollinger Bands volatility indicator, expressed his concerns about the two-bar reversal at the upper Bollinger Band for BTC/USD.
BTC/USD chart with Bollinger Bands data. Source: John Bollinger
As previously reported by Cointelegraph, predictions of a broader BTC price retracement had already emerged from the trading community. Credible Crypto, a popular trader and commentator, was among those who anticipated a return to $60,000 or lower.
A new chart shared by Credible Crypto reiterated the likelihood of support being below the starting point of what he referred to as an “impulsive move.”
BTC/USD chart. Source: Credible Crypto
Meanwhile, the decision on whether to approve the United States spot Ether (ETH) exchange-traded funds (ETFs) influenced Bitcoin targets for Filbfilb, the co-founder of trading suite DecenTrader.
Related: BlackRock’s Bitcoin ETF experiences a 6-week inflow high amid early-week BTC rally
Updating his followers, Filbfilb stated that in the worst-case scenario, which involved regulators rejecting the ETH ETF, the market would simply revert to its position prior to the impulse. He concluded that if the ETH ETF was approved, it could potentially drive Bitcoin back into price discovery and even reach $80,000.
ETH/BTC reached its highest levels since mid-March on May 21.
ETH/BTC 1-day chart. Source: TradingView
It is important to note that this article does not provide investment advice or recommendations. Every investment and trading decision carries risks, and readers should conduct their own research before making a decision.