Bitcoin is facing challenges in sustaining its price above $69,000, with market analysts expressing concerns over its recent price action. On May 22, Bitcoin aimed to establish $69,000 as a new support level, following a retreat from recent highs. This level, a significant benchmark from 2021, has become a critical point for traders.

Data from Cointelegraph Markets Pro and TradingView indicated a weakening Bitcoin price, testing the old all-time highs from 2021 twice. At the time of writing, Bitcoin remains above $69,000, but this level is crucial for a potential resistance/support flip. Trading resource Material Indicators highlighted the importance of maintaining support at $69,000 to validate this flip, yet one of its proprietary tools signaled a clear downtrend on daily timeframes.

Concerns about a possible rejection at this resistance level are growing among analysts. John Bollinger, the creator of the Bollinger Bands volatility indicator, expressed caution about a potential short-term pullback, noting a two-bar reversal at the upper Bollinger Band. He suggested that while this is not a bearish signal, it does indicate the possibility of consolidation or a minor pullback.

Market sentiment has been divided, with some traders predicting a wider BTC price retracement. Popular trader and commentator Credible Crypto has been vocal about a potential return toward $60,000 or lower, suggesting that support might be found below the current level if an "impulsive move" begins.

The imminent decision on the United States spot Ether exchange-traded funds (ETFs) has further influenced Bitcoin's price targets. Filbfilb, co-founder of the trading suite DecenTrader, pointed out that an ETF rejection by regulators could cause the market to reset to its position from the previous week. Conversely, a positive decision could propel Bitcoin back into price discovery mode, potentially reaching $80,000.

Meanwhile, Ethereum has been outperforming Bitcoin, with ETH/BTC hitting its highest levels since mid-March on May 21. This surge comes as Bitcoin's momentum slows, highlighting Ether's strength ahead of the ETF decision. As the market awaits the regulatory outcome, traders are watching these critical levels closely to gauge the next moves for both Bitcoin and Ethereum.