Bitcoin (BTC) struggled to support $69,000 on May 22 after analysts pulled back from local highs.
Bollinger warns of falling BTC price
Data from Cointelegraph Markets Pro and TradingView showed BTC price action weakening, providing two tests of 2021’s all-time highs.
Still above $69,000 at the time of this writing, this level has formed a critical line for some.
“Support at $69,000 needs to be maintained to have any chance of validating the R/S flip from the previous ATH,” trading resource Material Indicators wrote in part of its latest report on X.
Important indicators point to a possible resistance/support reversal at $69,000. However, it warned that one of its own trading tools was showing a “clear” downside signal on the daily time frame.
“For me, any move above $71.5 thousand would be null and void,” he added.
Others were similarly anxious about the growing likelihood that Bitcoin bulls’ attempts to beat recent resistance would be halted.
John Bollinger, the creator of the Bollinger Bands volatility indicator, warned of developments that make him “concerned.”
“I don’t like the two-bar reversal in the upper Bollinger band of $btcusd,” he told
“I suggest console or withdrawal. “No signs of weakness here, just short-term concerns.”
As Cointelegraph reported, predictions of a broader BTC price retracement have already come from the trading community, with popular trader and commentator Credible Crypto being one of the most vocal supporters of a return below $60,000.
New charts uploaded to
Ethereum ETF may offer hope for Bitcoin.
Meanwhile, this week’s decision for the U.S. spot Ethereum (ETH) exchange-traded fund (ETF) determined the Bitcoin target of Filbfilb, co-founder of trading suite DecenTrader.
Related: BlackRock’s Bitcoin ETF Hits Six-Week High Inflows Amid BTC Rally Earlier in the Week
Filbfilb updated his
“If the ETH ETF gets rejected, it just resets to where it was last week,” he concluded.
Filbfilb, on the other hand, suggested that a positive ETF decision could push Bitcoin back into price discovery and even reach $80,000.
ETH/BTC hit its highest since mid-March on May 21st.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.