$BTC 𝐁𝐢𝐭𝐜𝐨𝐢𝐧 𝐨𝐧 𝐕𝐞𝐫𝐠𝐞 𝐨𝐟 𝐋𝐨𝐬𝐢𝐧𝐠 $𝟔𝟎,𝟎𝟎𝟎, 𝐈𝐬 𝐒𝐡𝐢𝐛𝐚 𝐈𝐧𝐮 𝐑𝐞𝐚𝐝𝐲 𝐟𝐨𝐫 𝐈𝐭? $SHIB
Bitcoin is currently on the brink of dropping below the $60,000 level, a significant psychological and technical level for the cryptocurrency. As observed on the chart, a descending trendline is clearly applying downward pressure, guiding Bitcoin into forming lower lows. This pattern suggests that the downward momentum might continue in the near term.
The current market dynamics show Bitcoin's price being squeezed by this descending trendline. Every attempt to push upwards meets resistance, leading to lower highs — a classic indicator of a continuing downtrend. Notably, the volume of trades has been decreasing, which typically indicates a weakening of the current trend and potentially sets the stage for a trend reversal. However, the current signals suggest that the market is not yet ready to reverse to being bullish.
The immediate future of Bitcoin's price largely depends on its interaction with the trendline and key moving averages. Currently, the 50-day Exponential Moving Average (EMA) sits around $65,000, acting as potential upper resistance in case of any bullish reversal.
Shiba Inu hits threshold Shiba Inu is currently navigating a critical phase as it hovers around a strong support level at approximately 0.00002260.
The current chart formation presents a descending triangle pattern, a typical bearish signal in technical analysis, suggesting that SHIB could be under significant selling pressure. This pattern is forming just as SHIB tests its support, making the 0.00002260 level crucial for determining its short-term trajectory. A break below this could lead to a test of the next major support at the 0.00002100 level, aligning closely with the 100-day EMA. It often acts as a dynamic support in downtrends, providing a potential rebound zone for the price.
