Bitcoin's Recovery

As it approaches the $70,000 price level, Bitcoin is showing strong recovery signs, trading just below significant psychological barrier at roughly $65,000.

Key Levels to Watch

The ability of Bitcoin to continue its upward trajectory is crucial. Making higher lows, it has reversed the downward trend from earlier this year, encouraging investors waiting for a breakout.

1. Resistance Level: Currently at $67,000, a clear break above could initiate a rally toward $70,000.
2. Support Level: At $62,000, this is where bulls are likely to support the price during any pullback. Holding above this level is essential to maintain upward momentum.

Shiba Inu's Recovery

In recent days, Shiba Inu has rebounded and is nearing the psychological $0.00002 mark, currently trading at $0.000019. A bullish market sentiment may drive SHIB above current trading levels.

Resistance & Support

• Key Resistance: Around $0.000021. Breaking this level could allow for further gains.
• Market Context: Support from Bitcoin and Ethereum could assist in SHIB's upward trajectory. Technical setups favor SHIB with important moving averages aligning.

Ethereum's Struggles

Ethereum has struggled to regain momentum, stalling below significant resistance levels after missing out on previous bullish trends.

Technical Analysis

A rejection from the 200-day moving average is evident, with recent attempts to break above $2,700 failing, leading prices back below $2,600.

• Bearish Pressure: A weak crossover pattern on 50-day and 100-day moving averages indicates limited short-term upside potential.
• Lack of Institutional Support: Minimal buying pressure from major players has hindered Ethereum’s performance, unlike Bitcoin.
• Relative Strength Index: Currently neutral to slightly bearish, showing limited buying demand for a sustained rally.

This article was originally published on U.Today