Bitcoin Faces Pressure from Ethereum Ahead of ETF Decision; $80K BTC Price Target in Sight
Bitcoin (BTC) aimed to establish $69,000 as support on May 23, following a retreat from local highs that worried analysts.
Bollinger Bands Warn of BTC Price “Pullback” Data from Cointelegraph Markets Pro and TradingView indicated weakening BTC price action, resulting in two tests of previous all-time highs from 2021.
Remaining above $69,000 at the time of writing, this level was crucial for some analysts.
“Support at $69k needs to hold to validate an R/S flip at the prior ATH,” trading resource Material Indicators noted in its latest coverage on X.
Material Indicators mentioned the potential for a resistance/support flip at $69,000 but cautioned that one of its proprietary trading tools indicated a “clear” down signal on daily timeframes.
Bitcoin Faces Potential Pullback to $60K Amid ETF Decision, Says Analyst
BTC Price Predictions Suggest $60,000 Retracement Predictions of a broader Bitcoin (BTC) price retracement have emerged from the trading community, with prominent trader and commentator Credible Crypto among the most vocal advocates of a return toward $60,000 or lower. A new chart shared on X highlighted likely support below the starting point of what Credible Crypto referred to as an “impulsive move.”
Ethereum ETF Decision Could Impact Bitcoin This week’s decision on the United States spot Ether (ETH) exchange-traded funds (ETFs) plays a crucial role in determining Bitcoin’s near-term targets, according to Filbfilb, co-founder of trading suite DecenTrader. Updating his followers on X, Filbfilb mentioned that the worst-case scenario—an ETF rejection by regulators—would merely revert the market to its pre-impulse levels.
“If the ETH ETF is rejected, then simply reset to where we were last week,” he explained.
Conversely, Filbfilb suggested that a positive ETF decision could propel Bitcoin back into price discovery mode, potentially driving it up to $80,000.
ETH/BTC Reaches New Highs On May 21, ETH/BTC hit its highest levels since mid-March, underscoring Ethereum’s strength against Bitcoin amidst the ETF anticipation.