As Bitcoin approaches $70,000, its recovery is stronger than it was just a few months ago. Bitcoin's momentum shows that it has greater upside potential, and recent price action has broken through several key resistance levels. Currently, Bitcoin is trading just below the next important psychological level, around $65,000.
In this context, the most critical factor is whether Bitcoin can continue to rise. As if to reverse the downward trend that started earlier this year, the asset has been making higher lows. For investors who have been patiently waiting for a breakout, this is undoubtedly exciting, especially considering that the current price of Bitcoin is close to $70,000.
However, despite Bitcoin’s strong momentum, traders should keep an eye on two important price levels: First, Bitcoin is currently facing resistance at $67,000, where the asset has struggled before. This suggests that Bitcoin has gathered enough strength in the market to move upwards, and if it can break through this price significantly, it may start a rally towards the $70,000 mark; second, $62,000 is the most important support level in the short term. If Bitcoin experiences a pullback, bulls may step in here to support the price. Staying above this support level is necessary to maintain the upward trend and avoid a larger pullback.
Shiba Inu Resurgence
In recent days, the price of Shiba Inu has rebounded significantly, bringing the asset closer to the psychological level of $0.00002. SHIB is currently trading at $0.000019, and the market's bullish sentiment is enough to consider a breakout from the current trading level. SHIB needs to break through important resistance levels to reach the $0.00002 mark.
The most important resistance level is around $0.000021, as this has historically been a major obstacle for SHIB during its rise. A break above this support level could lead to further price gains. The overall environment of the cryptocurrency market is another important factor. If Bitcoin and Ethereum maintain their upward trend, Shiba Inu Coin could benefit from more favorable conditions, which would help it gain traction and appreciate in value.
Nonetheless, the market remains volatile and SHIB must maintain its current trend to rise further. Currently, SHIB is also benefiting from a favorable technical setup, with important moving averages beginning to align. In particular, the 200-day moving average is a key support level for SHIB and may help maintain price stability even in the event of some short-term volatility.
Ethereum strengthens further
Ethereum has struggled to gain a foothold in the market after missing out on momentum in previous months. From a technical perspective, Ethereum is underperforming as it stalls below important resistance levels. The apparent rejection of the 200-day moving average is one of the most prominent patterns and represents a significant psychological and technical hurdle for investors.
Ethereum remains under bearish pressure as it is unable to break above this moving average. As Ethereum's recent attempts to break above $2,700 have failed, the price has fallen back below $2,600, and traders have become more cautious. In addition, Ethereum's 50-day and 100-day moving averages are in a weak crossover pattern, suggesting that short-term upside potential may be limited.
The lack of institutional inflows is another significant factor behind Ethereum’s underperformance. There has been little significant buying pressure from major players over the past few months. While institutional interest in Bitcoin has been rekindled, Ethereum investment has not seen the same surge.
Due to the lack of institutional support, it has become difficult for ETH to break out of the current range. In addition, Ethereum’s relative strength index is currently neutral to slightly bearish, indicating that there is not much buying demand to sustain the rally.
The article is for reference only and does not constitute investment advice.
