Bitcoin (BTC) is striving to establish $69,000 as a support level amidst concerns of a potential price pullback. The anticipation surrounding the decision on the United States spot Ether (ETH) exchange-traded funds (ETFs) could significantly influence Bitcoin's price trajectory.

Bitcoin's price action has shown signs of weakness, testing the old 2021 all-time highs twice. Despite remaining above $69,000 at the time of writing, this level is viewed as a critical threshold by some analysts. Trading resource Material Indicators suggests that the $69,000 support needs to hold to validate a possible resistance/support flip at this level. However, it also cautions that its proprietary trading tool is indicating a clear downward signal on daily timeframes.

Fears of rejection are also mounting, as the increasing likelihood of rejection could undermine Bitcoin bulls' latest attempt to overcome resistance. John Bollinger, the creator of the Bollinger Bands volatility indicator, expresses short-term concern, although he is not bearish.

Predictions of a broader BTC price retracement have already been voiced by the trading community. Credible Crypto, a popular trader and commentator, is among the most outspoken advocates for a return to $60,000 or lower.

The decision on the United States spot Ether (ETH) exchange-traded funds (ETFs) in the same week is seen as a potential determinant of Bitcoin's price targets by Filbfilb, co-founder of trading suite Decentrader. Filbfilb suggests that in the worst-case scenario, an ETF rejection by regulators would simply return the market to its pre-impulse position. On the other hand, a positive ETF decision could propel Bitcoin to re-enter price discovery and potentially reach $80,000.

Interestingly, ETH/BTC reached its highest levels since mid-March on May 21, indicating Ethereum's strength against Bitcoin during this period.