$BTC (Bitcoin)
$ETH (Ethereum)
$SHIB (Shiba Inu)
Bitcoin is nearing the $70,000 mark, showing robust signs of recovery not seen in recent months. Its current momentum indicates a strong potential for further gains, having surpassed several key resistance levels. Presently, Bitcoin is trading just under the significant psychological threshold of approximately $65,000. The cryptocurrency's ability to sustain its upward momentum is critical at this juncture. It has been consistently setting higher lows, seemingly reversing the earlier downtrend of the year. This trend is a positive signal for investors who have been anticipating a significant breakout, especially as Bitcoin's price hovers near the $70,000 milestone.
However, while the momentum is on Bitcoin’s side, there are two important price levels that traders should keep an eye on: The current resistance level at which Bitcoin has previously struggled is $67,000. Indicating to the market that BTC has amassed sufficient strength to advance higher, a clear break above this price could start a rally toward the $70,000 mark; $62,000: In the short term this is the most important support level.
Here is where bulls are likely to intervene to support the price if there is any pullback in Bitcoin. Sustaining the upward momentum and averting a more significant correction require holding above this support. Shiba Inu recovers Recent days have seen a significant rebound for Shiba Inu, moving the asset closer to the psychological $0.00002 price point. SHIB is currently trading at $0.000019, and the market is bullish enough to contemplate a move above the current levels of trading. SHIB needs to break through important resistance levels in order to reach the $0.00002 mark.
The resistance level around $0.000021 has historically been a significant barrier for SHIB during its rallies. Breaking above this level could lead to further gains. The broader crypto market context also plays a vital role. If Bitcoin and Ethereum continue their upward trends, Shiba Inu could see additional tailwinds that help it gain momentum and increase in value.
However, the market is still volatile, and SHIB needs to maintain its current trajectory for further progress. Currently, SHIB is benefiting from a favorable technical setup, with key moving averages beginning to align. Notably, the 200-day moving average is an important support level for SHIB, which could help sustain its price stability amidst short-term volatility.
Ethereum gains more strength
After missing out on the momentum witnessed in earlier months, Ethereum has been having trouble regaining its footing in the market. Technically speaking, Ethereum is underperforming because it is stalled below significant resistance levels. The obvious rejection from the 200-day moving average is one of the most obvious patterns, and it acts as a significant psychological and technical barrier for investors.
Ethereum remains under bearish pressure, evidenced by its failure to break above a certain moving average. The cryptocurrency's price has struggled to surpass the $2,700 mark, often retreating below $2,600, leading to increased trader caution. Additionally, a weak crossover between the 50-day and 100-day moving averages hints at limited short-term growth potential.
The performance of Ethereum is also hampered by the lack of institutional investment. In recent months, there has been minimal buying activity from significant investors. While institutions have recently shown a preference for Bitcoin, Ethereum has not experienced a comparable increase in investment.
The challenge for Ethereum to break out of its current price range is compounded by this absence of institutional backing. Moreover, the Relative Strength Index (RSI) for Ethereum is currently neutral to slightly bearish, suggesting a lack of substantial buying interest to drive a sustained rally.
