Bitcoin Recovery

As it approaches the $70,000 price level, Bitcoin is exhibiting strong signs of recovery more than it has in months. With momentum suggesting more upside potential, Bitcoin’s recent price action has broken through multiple significant resistance levels. Currently, Bitcoin is trading slightly below the next significant psychological barrier at roughly $65,000.

The ability of Bitcoin to continue its upward trajectory is crucial. To reverse the downward trend that began earlier in the year, the asset has been making higher lows. For investors waiting for a breakout, this is encouraging, particularly since the current price of Bitcoin is close to $70,000.

However, while the momentum is on Bitcoin’s side, two important price levels should be observed:
– Current resistance: $67,000 – A clear break above this price could start a rally toward the $70,000 mark.
– Immediate support: $62,000 – Bulls are likely to intervene to support the price if there is a pullback. Sustaining upward momentum requires holding above this support level.

Shiba Inu Recovers

Recent days have seen a significant rebound for Shiba Inu, moving the asset closer to the psychological $0.00002 price point. SHIB is currently trading at $0.000019, and the market is bullish enough to contemplate a move above current trading levels. SHIB needs to break through important resistance levels to reach $0.00002.

The most significant resistance level is around $0.000021, which has historically served as a major obstacle during SHIB’s rallies. Breaking this level could allow for further potential gains. The overall context of the crypto market is crucial; if Bitcoin and Ethereum maintain their upward trends, Shiba Inu could benefit and appreciate in value.

Despite this, the market remains unstable, and SHIB must sustain its current trajectory to advance further. Currently, SHIB is profiting from a technical setup with important moving averages aligning. The 200-day moving average is a crucial level of support that might help maintain price stability amidst short-term volatility.

Ethereum Gains More Strength

After missing out on earlier momentum, Ethereum has struggled to regain its footing in the market. Technically, Ethereum is underperforming, stalled below significant resistance levels. A notable rejection from the 200-day moving average acts as a significant psychological barrier for investors.

Ethereum remains under bearish pressure, with attempts to break above $2,700 repeatedly failing and the price falling back below $2,600. Traders are growing warier due to a weak crossover pattern on Ethereum’s 50-day and 100-day moving averages, suggesting limited short-term upside potential.

Additionally, the lack of institutional inflows is a key factor behind Ethereum’s underwhelming performance. Institutional interest has surged for Bitcoin, but Ethereum has not seen the same influx of investment. The absence of such support has made it challenging for ETH to surpass its current range. The relative strength index for Ethereum is currently neutral to slightly bearish, indicating that there isn’t much buying demand to sustain a rally.

This article was originally published on U.Today