Key Points
- Bitcoin (BTC) aims to solidify $69,000 as a support level amidst concerns of a price pullback.
- Anticipation around the decision on the United States spot Ether (ETH) exchange-traded funds (ETFs) could influence Bitcoin’s price trajectory.
Bitcoin (BTC) was striving to establish $69,000 as a support level on May 22. This followed a dip from recent local highs that caused unease among analysts.
Concerns Over BTC Price Pullback
The BTC price action showed signs of weakness, testing the old 2021 all-time highs twice. Despite remaining above $69,000 at the time of writing, this level was viewed as a critical threshold by some.
Trading resource Material Indicators suggested that the $69,000 support needed to hold to validate a possible resistance/support flip at this level. However, it also cautioned that its proprietary trading tool was indicating a clear downward signal on daily timeframes.
Fears of Rejection
Others also expressed apprehension about the increasing likelihood of rejection undermining Bitcoin bulls’ latest attempt to overcome resistance. John Bollinger, the creator of the Bollinger Bands volatility indicator, expressed concerns about certain developments. He was not bearish, but expressed short-term concern.
Predictions of a broader BTC price retracement had already been voiced by the trading community. Credible Crypto, a popular trader and commentator, was among the most outspoken advocates for a return to $60,000 or lower.
Ethereum ETF and its Impact on Bitcoin
The decision on the United States spot Ether (ETH) exchange-traded funds (ETFs) in the same week was seen as a potential determinant of Bitcoin’s price targets by Filbfilb, co-founder of trading suite Decentrader.
Filbfilb suggested that in the worst-case scenario, an ETF rejection by regulators would simply return the market to its pre-impulse position. On the other hand, a positive ETF decision could propel Bitcoin to re-enter price discovery and potentially reach $80,000.
ETH/BTC reached its highest levels since mid-March on May 21.
