Bitcoin attracted attention with a surge on May 20, although it seems to be facing a downturn once again. Typically, traders opt to sell when the price nears general resistance levels. Nonetheless, there is a continual inflow of liquidity into spot Bitcoin exchange-traded funds. Farside Investor's data revealed a total influx of $500 million into spot Bitcoin ETFs on May 20 and 21.

Bitcoin and Ethereum Observations

Several analysts voiced concerns about the short-term price movements of Bitcoin. John Bollinger, the creator of Bollinger Bands, made a significant remark suggesting that Bitcoin's price movement hinted at consolidation or a brief retreat. Furthermore, Material Indicators, a notable entity, highlighted a 'clear' bearish signal for Bitcoin after facing rejection post its surge above $71,500.

Though expectations of an upsurge in Bitcoin persist, focus is gradually shifting towards Ethereum due to the potential approval of spot Ethereum ETFs in the United States. Approval of this could enhance the sentiment in the cryptocurrency sector, potentially leading to increases in certain alternative coins.

Bitcoin Price Forecast

Bitcoin surged beyond $68,000 on May 20 but fell short of the $73,777 ATH level and retraced. Bulls attempted to maintain the price at the psychological level of $70,000 for a period without success. The potential for targeting $73,777 again exists if BTC remains above $70,000, though it currently appears distant. An ascent to $80,000 and subsequently $84,000 may be feasible if bulls succeed in pushing the price back to $70,000.

Conversely, a continuous decline could lead to a more substantial retreat from the current level, signaling bearish defense at $73,777. This indicates a potential continuation of the consolidation phase for several more days.

Ethereum Price Examination

Ethereum signaled a probable trend reversal by breaching the resistance line of the descending channel on May 20. During this movement, bulls bolstered their stance by pushing the price above the $3,730 resistance level. Sustaining the price above $3,730 could indicate the surrender of bears. The ETH/USDT pair may rise to $4,100 in this scenario and further progress to $4,868 upon surpassing this level.

A clear descent below $3,730 and staying at that level could drive the price downward to the 20-day EMA ($3,224) under bearish pressure.