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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-tests-critical-support-levels" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Tests Critical Support Levels</a><br></p>
<p style="text-align: justify">On May 22, <a href="https://en.bitcoinhaber.net/shifting-dynamics-in-global-crypto-regulation-and-investments" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> struggled to maintain its position above $69,000, causing analysts to worry about a potential decline from recent highs. Bitcoin’s price, which has tested all-time highs twice in 2021, shows signs of weakening. What does the <a href="https://newslinker.co" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">future</a> hold for Bitcoin? Detailed charts and data provide insights into this question.</p>
<h2 id="what-are-the-key-levels-for-bitcoin">What Are the Key Levels for Bitcoin?</h2>
<p style="text-align: justify">Currently, Bitcoin remains above the crucial $69,000 mark. Material Indicators, a trade source, emphasized that holding this level is vital to confirm a resistance/support flip at the previous all-time high. However, their proprietary trading tools indicate a bearish signal on daily timeframes, suggesting that any move above $71,500 would be invalid.</p>
<p style="text-align: justify">Other experts share similar concerns. John Bollinger, creator of the Bollinger Bands volatility indicator, observed a concerning reversal of two bars at the upper Bollinger Band, hinting at a potential consolidation or pullback. Although not indicative of a long-term bearish trend, it raises short-term concerns.</p>
<p style="text-align: justify">Predictions for a broader pullback in Bitcoin’s price have circulated within the trading community. Popular trader Credible Crypto speculates a return to $60,000 or lower, supporting this view with charts suggesting Bitcoin might fall below the starting point of an impulsive move.</p>
<h2 id="what-s-going-on-with-ethereum">What’s Going on with Ethereum?</h2>
<p style="text-align: justify">Meanwhile, decisions regarding Ethereum exchange-traded funds (ETFs) in the US could influence Bitcoin targets. Decentrader co-founder Filbfilb noted that even a worst-case scenario, such as ETF rejections, would merely reset the <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">market</a> to its pre-move position. A positive decision, however, could propel Bitcoin into price discovery, potentially reaching $80,000. The ETH/BTC pair recently hit its highest levels since mid-March.</p>
<h2 id="key-takeaways-for-traders">Key Takeaways for Traders</h2>
<p style="text-align: justify">In light of these developments, traders should consider the following:</p>
<ul>
 <li>Monitor Bitcoin’s ability to maintain the $69,000 support level.</li>
 <li>Watch for any bearish signals, especially on daily timeframes.</li>
 <li>Stay updated on Ethereum ETF decisions as they could impact Bitcoin’s price.</li>
 <li>Be prepared for potential short-term consolidations or pullbacks.</li>
</ul>
<p style="text-align: justify">Staying informed and agile can help traders navigate these uncertain times in the cryptocurrency market.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-tests-critical-support-levels" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Tests Critical Support Levels</a></h5>

Bitcoin Tests Critical Support Levels

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