June 5, 2024
Bitcoin Price Tests $69K, as Ether Hits 2-Month High
Bitcoin price today

Bitcoin Price Tests $69K, as Ether Hits 2-Month High

Wednesday, May 22, 2024: Bitcoin Price Today is $70,033 experienced a decline, attempting to flip the $69K mark into support as a retreat from recent highs raised concerns among analysts. Data from TradingView indicated weakening BTC price action, showing two tests of the old 2021 all-time highs. Despite remaining above $69K at the time of writing, this level represented a crucial support line for some analysts.

BTC/USD 4-hour chart. Source: TradingView

Trading resource Material Indicators emphasized the importance of the $69,000 support level, stating, “Support at $69k needs to hold to have a chance to validate an R/S flip at the prior ATH.” They referred to the potential resistance/support flip at $69K but cautioned that one of their proprietary trading tools signaled a “clear” downtrend on daily timeframes. They added, “For me, a move above $71.5k would invalidate.”

BTC/USD chart with trading signals. Source: Material Indicators

Analysts Express Concerns Over Potential Rejection

Other analysts were similarly apprehensive about the increasing possibility of rejection, which could hinder Bitcoin bulls’ efforts to overcome resistance. John Bollinger, the creator of the Bollinger Bands volatility indicator, voiced his concerns on X, stating, “I am not fond of the two-bar reversal at the upper Bollinger Band for $btcusd.”

“Suggests a consol or a pullback. Not bearish here, just short-term concerned.”

BTC/USD chart with Bollinger Bands data. Source: John Bollinger

Predictions of a broader BTC price retracement had already emerged from the trading community. Popular trader and commentator Credible Crypto was among the most vocal advocates for a return of $60,000 or lower. A new chart posted on X reiterated likely support levels being below the starting point of what Credible Crypto described as an “impulsive move.”

Implications of Upcoming Ether ETF Decision

The week’s decision regarding the United States spot Ether (ETH) exchange-traded funds (ETFs) also played a significant role in determining Bitcoin’s future targets, according to Filbfilb, co-founder of the trading suite DecenTrader. Updating his followers on X, Filbfilb suggested that the worst-case scenario of an ETF rejection by regulators would only reset the market to its pre-impulse position. He concluded, “If ETH ETF is rejected then simply reset to where we were last week.”

ETH/BTC 1-day chart. Source: TradingView

Conversely, Filbfilb indicated that a positive ETF decision could propel Bitcoin back into price discovery mode and potentially reach $80,000. Meanwhile, ETH/BTC reached its highest levels since mid-March on May 21, showcasing Ethereum’s relative strength.

Image by fabrikasimf on Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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