Market analysts have expressed concern over Bitcoin’s struggles to keep its price above $69,000. Notably, the cryptocurrency reached price levels above $71,000 in the last 24 hours but quickly fell back to $69,000 within a few hours.
The $69,000 point has been pegged as an important threshold for which Bitcoin’s price movement should transition from resistance to support.
Trend Precognition is showing a strong 🔻signal on the Bitcoin Daily chart. For me, a move above $71.5k would invalidate.
Support at $69k needs to hold to have a chance to validate an R/S flip at the prior ATH. #NFA pic.twitter.com/Mqi2A1rmNu
— Material Indicators (@MI_Algos) May 22, 2024
John Bollinger, who created the Bollinger Bands volatility indicator, shared his concerns in a post on X (formerly Twitter), stating,
“I am not fond of the two-bar reversal at the upper Bollinger Band for $btcusd. Suggests a consolidation or a pullback. Not bearish here, just short-term concerned.”
Credible Crypto, a well-known trader,believes Bitcoin could fall to $60,000 or lower. They suggested the token’s drop might support their theory of an “ultra bull” scenario.
It’s worth noting that if the “ultra bull” scenario does play out, there are some significant implications. On one hand it means downside from current levels is extremely limited and the next leg up begins sooner rather than later.
At the same time, when we complete this… https://t.co/1G13StOCjG pic.twitter.com/h0KTBWT7f4
— CrediBULL Crypto (@CredibleCrypto) May 22, 2024
Meanwhile, some analysts have pointed to the speculations about Ethereum ETF approval in the U.S. as a factor to consider.
RELATED: Ethereum-Based Meme Coins Skyrocket Amid Hopes for Spot Ether ETF Approval
Filbfilb, co-founder of trading suite Decentrader, commented on X that if regulators reject the ETFs, the market would likely return to its previous levels.
“If ETH is approved this will take BTC to $80k and access to higher. Idea will be its a market dragger; funds will find their way. ETH ETF was priced in to some extent and it retraced, now still not reflecting possible outcome though if you believe analysts imo,”
they noted.
Filbfilb suggested that a positive ETF decision could fuel Bitcoin to reenter price discovery and even hit $80,000.
According to data from TradingView, the ETH/BTC trading pair was at its highest levels since mid-March as of May 21, showing the impact of the Ethereum ETF speculations on the broader cryptocurrency market.
Bitcoin is currently trading at $70,123.81, a 1.21% decrease in the last 24 hours, according to data from CoinMarketCap.
Disclaimer: This report is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
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