Bitcoin has failed to regain a foothold above $60,000. Unfortunately, it is a negative sign for the asset's future and might substantially affect the tempo BTC has been gaining on the market.
The daily chart shows that substantial resistance amid Bitcoin's recent attempts to break above the crucial $60,000 level. With the price of Bitcoin currently at $57,409, it is having difficulty staying above the 200 EMA, which is at $58,165. This barrier has proven to be quite strong, and if Bitcoin is unable to overcome it, more declines may be ahead. Further resistance levels are being provided by the 50 EMA at $60,487 and the 100 EMA at $62,667.
BTC/USD Chart by TradingView
The inability to break above these EMAs suggests that the market is currently in a bearish mood. With the Relative Strength Index (RSI) at 37 right now, it appears that Bitcoin is getting close to being oversold. But a reversal might not materialize unless there is a notable uptick in purchasing pressure. The performance of Bitcoin is also significantly influenced by the state of the market as a whole. Bitcoin's failure to surpass $60,000 raises questions despite the market's overall recovery.
This level represents a significant psychological resistance level that traders and investors closely monitor, so its significance cannot be emphasized. The price of Bitcoin is affected by macroeconomic factors, in addition to technical ones.
Shiba Inu's failure
Shiba Inu has failed to break through, retracing from $0.000017, ending the bullish streak we saw in the last few days. The trading volume dropped and returned below Wednesday's result. There is a high possibility of a reversal toward lower values.
According to a daily chart analysis, Shiba Inu is currently trading at $0.00001608, indicating a decrease from its most recent peak. The way the market is acting, it appears that SHIB has encountered significant resistance at the 50 EMA, which has prevented it from maintaining its trend upward. Investor sentiment has been depressed by this inability to overcome the crucial resistance level.
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The bearish outlook is further supported by the current technical indicators. As the asset approaches oversold territory, the Relative Strength Index (RSI) is showing 40. The trading volume has also drastically dropped, indicating a lack of interest from buyers and the possibility of further declines. A worrying indicator is the decreasing volume, which implies that the recent price increases were not backed by robust market activity.
SHIB's immediate support level is at $0.000015, but if the bearish trend persists, the price may drop even lower to test the next support level, which is at $0.000014. This potential 13% decline emphasizes SHIB's vulnerability in the current market environment.
Solana retraces
Solana has joined the marketwide correction and moved down from the 100 EMA threshold at around $146. SOL was not able to break the $150 threshold, which leaves us with potentially decreasing momentum on the market, which would likely lead to another drop.
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Solana has demonstrated resilience by holding a position above the 200 EMA at $131, even though it is currently trading at $136. By acting as a potential launching pad for another growth phase, this support level has proven essential in halting additional declines.
At immediate resistance levels, SOL must overcome the 50 EMA at $141 and the 100 EMA at $146.35 in order to start a new bullish trend. Solana's price action indicates that it is consolidating and getting ready for its next move despite the recent decline. The asset is neither overbought nor oversold, according to the Relative Strength Index (RSI), which is at 47.
In the event that buying pressure builds, this neutral RSI position allows for upward movement. Although there have been some fluctuations in trading volume, it has remained relatively stable, indicating that market participants are cautiously optimistic about SOL's prospects. If volume increases significantly, Solana might gain the momentum needed to overcome resistance and aim for the $150 mark once more.
