Ether price hits 2-month high with Bitcoin as BTC price tests $69k
Bitcoin (BTC) sought support at $69,000 on May 22.
Bollinger warns of BTC price “return”.
Data from Cointelegraph Markets Pro and TradingView showed weak BTC price action, making two tests of the old 2021 all-time high.
At over $69,000 as of this writing, this level creates a key line in the sand for some.
“The $69k support must be held to have a chance to confirm the R/S breakout at the previous ATH,” Marketing Resources Material Indicators wrote in part of X's (formerly Twitter) recent coverage.
Material indicators point to potential resistance/support at $69,000. However, he warned that one of his proprietary trading tools was showing “clear” signals on daily timeframes.
“To me, a move over $71.5K is not worth it,” he added.
Others were similarly troubled by the growing possibility of Bitcoin bulls upsetting their latest attempt to overcome resistance.
John Bollinger, creator of the Bollinger Bands volatility indicator, warned of “worrying” developments.
“I don't like the $btcusd flipping in the upper bowling band by two bars,” he told X followers earlier in the day.
“It suggests comfort or retreat. It's not brave here, it's only for a short time. “
Cointelegraph reports that the broadest BTC price decline predictions come from the trading community, with prominent trader and analyst Credible Crypto among the most prominent who are calling for a return to $60,000 or below.
A new chart uploaded to X reiterated that Credible Crypto is below the starting point in what it calls an “exciting move.”
An Ethereum ETF may prove a silver lining to Bitcoin.
In the United States, the decision of the week Ether (ETH) exchange-traded funds (ETFs) meanwhile suggested that perhaps Bitcoin targets for Filbfilb, the founder of the trading group Decentrader.
RELATED: BlackRock's Bitcoin ETF's 6-Week Earnings Flow Hits BTC Rally Earlier in the Week
In an update to X's followers, Filbfilb said that the worst-case scenario — rejection by ETF regulators — would only send the market into the pre-pressure zone.
“If the ETH ETF declines then simply reset to where we were last week,” he concluded.
On the upside, Filbfilb suggested that a positive ETF decision could lead Bitcoin to regain price gains and even hit $80,000.
ETH/BTC reached its highest level since mid-March on May 21st.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
