Cryptocurrency Market Overview: BTC Pullback and the Prospects of DOGE and SHIB
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In the past week, the cryptocurrency market has experienced significant volatility. Below is an analysis of the price trends and future predictions for Bitcoin (BTC), Dogecoin (DOGE), and Shiba Inu (SHIB).
Bitcoin (BTC): Roller Coaster Market
Recent Volatility:
Last week, BTC reached a historical high of $108,000, then quickly pulled back to a low of $93,000.
The current price is around $94,000, still in a volatile adjustment phase.
Federal Reserve Policy:
Federal Reserve Chairman Powell announced a 0.25% interest rate cut but warned of a potential pause in policy easing in the future, which has had some impact on BTC market sentiment.
The Fed’s statement prohibiting the holding of BTC further sparked market unease, especially in the context of Trump’s plan to establish a BTC strategic reserve.
ETF Fund Outflow:
In the past week, there was a large-scale outflow of funds from the spot BTC ETF, with firms like Fidelity leading the withdrawal, putting pressure on the market.
Technical Indicators:
Despite this, analyst Ali Martinez believes that the Market Value to Realized Value (MVRV) ratio of BTC indicates its rebound potential, with the market still in a positive zone.
Dogecoin (DOGE): Challenges and Opportunities
Recent Performance:
DOGE’s current price is approximately $0.32, down 20% in the past week.
There is market anticipation for a potential bull market for DOGE, but the possibility of its market capitalization soaring to $5.5 trillion still faces challenges.
Technical Analysis:
If DOGE breaks the resistance level of $0.3350, it may begin a new upward trend.
Key support lies at $0.30 and $0.2850; falling below these supports will put further pressure on the price.
Shiba Inu (SHIB): Under Pressure but Showing Signs of Recovery
Recent Performance:
SHIB’s price has dropped 17% in the past seven days, with a current market capitalization of about $13.2 billion, ranking 17th in the cryptocurrency leaderboard.
Technical Analysis:
Support Area: $0.00002139 - $0.00001939.
Target Price:
Initial Target: $0.00002715 (needs to rise 20%).
Intermediate Resistance: $0.00003083.
Major Resistance: $0.00003511.
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