U.Today – As it nears the $70,000 price level, it is showing powerful signs of recovery, more so than in months. With momentum suggesting greater upside potential, Bitcoin’s recent price action has seen it break multiple significant resistance levels. Currently, Bitcoin is trading just below the next significant psychological barrier at around $65,000.
Bitcoin’s ability to continue its upward trajectory is the most significant factor in this situation. As if to reverse the downward trend that began earlier this year, assets are reaching higher and higher lows. For investors who have been patiently waiting for a breakout, this is encouraging, especially considering Bitcoin’s current price is close to $70,000.
However, while momentum is on Bitcoin’s side, there are two significant price levels that investors should keep an eye on: The current resistance level that Bitcoin has previously faced is $67,000. Indicating to the market that BTC has accumulated enough strength to move higher, a clear break above this price could start a rally towards the $70,000 level; $62,000: In the compact term, this is the most significant level of support.
This is where bulls will likely intervene to support the price if any Bitcoin pullback occurs. Maintaining the growth dynamics and avoiding a more solemn correction requires staying above this support.
is regaining strength
Shiba Inu has seen a significant rebound in recent days, moving the asset closer to the psychological price point of $0.00002. SHIB is currently trading at $0.000019 and the market is bullish enough to consider a move above the current trading level. SHIB needs to break significant resistance levels to reach the $0.00002 level.
Since it has been a major drag for SHIB on the upside in the past, the most significant resistance level is around $0.000021. Greater potential gains would be possible if this level of support for higher prices were broken. The overall context of the cryptocurrency market is another significant element. The Shiba Inu could benefit from more tailwinds if Bitcoin continues its upward trend, which will aid it gain traction and raise in value.
Regardless, the market remains volatile and SHIB must maintain its current trajectory to continue to grow. At the moment, SHIB is also benefiting from a technical setup that is working in its favor, with significant moving averages starting to level out. In particular, the 200-day moving average is a key support level for the SHIB that can aid maintain price stability even in the face of short-term volatility.
Ethereum is gaining strength
After losing the momentum seen in earlier months, Ethereum is having trouble regaining its market position. Technically speaking, Ethereum is performing poorly as it is stuck below significant resistance levels. The obvious rejection of the 200-day moving average is one of the most obvious patterns and represents a significant psychological and technical barrier for investors.
Ethereum continues to be under bearish pressure, as evidenced by its inability to break above this moving average. As Ethereum’s recent attempts to break above $2,700 have repeatedly failed and the price has fallen below $2,600, investors are becoming increasingly cautious. Moreover, there is a frail crossover pattern between Ethereum’s 50-day and 100-day moving averages, suggesting that the near-term upside potential may be narrow.
The lack of inflow of institutional funds is another significant factor behind Ethereum’s indigent performance. There hasn’t been much buying pressure from major players over the past few months. Institutions have shown renewed interest in Bitcoin, but Ethereum has not seen the same raise in investment.
Exceeding ETH’s current reach has proven to be a challenge due to the lack of institutional support. Additionally, the relative strength indicator for Ethereum is currently neutral to slightly bearish, indicating that there is not much buying demand to sustain the rally.
