Bitcoin (BTC) sought to flip $69,000 to support on May 22 as a comedown from local highs concerned analysts.
BTC/USD 4-hour chart. Source: TradingView
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.
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.
BTC/USD chart with trading signals. Source: Material Indicators
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 that 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.”BTC/USD chart with Bollinger Bands data. Source: John Bollinger
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.”
BTC/USD chart. Source: Credible Crypto
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…
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