TradingView data reveals that Bitcoin price action has weakened, twice testing the all-time high reached in 2021. This level, which is still above $ 69,000 as of the date of writing, is considered an important resistance point for some analysts.

In their latest assessment, trading resource Material Indicators states that “support at the $69,000 level is important for Bitcoin to create a turning point in its price movement, otherwise staying above this level will strengthen the possibility of a resistance/support conversion at the previous peak.”

Although Material Indicators points to a possible resistance/support reversal, they also emphasize that one of their own trading tools gives a “clear” bearish signal on daily time frames. This situation causes analysts to doubt the continuity of the upward movement.

“For me, a move above $71,500 would invalidate the current uptrend,” he said, noting the potential resistance level.

Other analysts are also concerned that Bitcoin bulls are increasingly likely to be rejected in their latest attempt to break through resistance. John Bollinger, the creator of the Bollinger Bands volatility indicator, warns his followers against developments that “worry” him.

Bollinger, in his statement on the social media platform says.

As Cointelegraph previously reported, the trading community had already predicted a broad Bitcoin price pullback. Popular trader and commentator Credible Crypto was one of the most prominent names arguing that Bitcoin price could return to $60,000 or lower.

A new chart uploaded to the This indicates that Bitcoin’s price movement may weaken in the coming periods.

The week’s decision on US Ether futures exchange-traded funds (ETFs) emerges as a key factor in identifying possible Bitcoin targets for Filbfilb, co-founder of trading platform DecenTrader.

Filbfilb informed its followers via X that the worst-case scenario – an ETF rejection by regulators – would only send the market back to its pre-thrust position.

“If the ETH ETF is rejected, then we are just back to where we were last week,” Filbfilb said, suggesting that the impact of a possible rejection decision on the Bitcoin price could be limited.

Filbfilb states that a positive ETF decision could push Bitcoin to price rediscovery and even reach $80,000, and states that the potential for upward movement in Bitcoin price should not be ignored.

Finally, on May 21, ETH/BTC reached its highest levels since mid-March, indicating that Ethereum continues its upward momentum, regardless of Bitcoin price action. This indicates that the dynamics in the cryptocurrency markets are not Bitcoin-centered and that different cryptocurrencies have their own independent markets. He also emphasizes that he can have movements.