Bitcoin (BTC) sought to flip $69,000 to support on May 22 as a comedown from local highs concerned analysts.
Bollinger warns of BTC price "pullback"
Data from Cointelegraph Markets Pro and TradingView showed weakening BTC price action, which delivered two tests of old 2021 all-time highs.
Still above $69,000 at the time of writing, that level formed a key line in the sand for some.
“Support at $69k needs to hold to have a chance to validate an R/S flip at the prior ATH,” trading resource Material Indicators wrote in part of its latest coverage on X (formerly Twitter).
Material Indicators referred to a possible resistance/support flip at $69,000. It warned, however, that one of its proprietary trading tools was showing a “clear” down signal on daily timeframes.
“For me, a move above $71.5k would invalidate,” it added.
Others were similarly uneasy about a growing chance of rejection puncturing Bitcoin bulls’ latest attempt at beating out resistance.
John Bollinger, creator of the Bollinger Bands volatility indicator, cautioned over developments which made him “concerned.”
“I am not fond of the two-bar reversal at the upper Bollinger Band for $btcusd,” he told X followers on the day.
“Suggests a consol or a pullback. Not bearish here, just short-term concerned.”
As Cointelegraph reported, predictions of a wider BTC price retracement had already come from the trading community, with popular trader and commentator Credible Crypto among the most vocal proponents of a return toward $60,000 or lower.
A new chart uploaded to X reiterated likely support being below the starting point of what Credible Crypto called an “impulsive move.”
Ethereum ETF may prove silver lining for Bitcoin
The week’s decision on the United States spot Ether (ETH) exchange-traded funds (ETFs) meanwhile dictated likely Bitcoin targets for Filbfilb, co-founder of trading suite Decentrader.
Related: BlackRock’s Bitcoin ETF hits 6-week inflow high amid early-week BTC rally
Updating X followers, Filbfilb said that the worst case scenario — an ETF rejection by regulators — would merely send the market back to its pre-impulse position.
“If ETH ETF is rejected then simply reset to where we were last week,” he concluded.
To the upside, Filbfilb suggested that a positive ETF decision could fuel Bitcoin to reenter price discovery and even hit $80,000.
ETH/BTC hit its highest levels since mid-March on May 21.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
