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Bitcoin Approaches $70,000 as Shiba Inu and Ethereum Show Mixed Signals

Bitcoin nears the $70,000 mark, Shiba Inu aims for key resistance, while Ethereum struggles with major technical barriers.
Published on 2024-09-30

Bitcoin's Upward Momentum

Bitcoin is demonstrating a robust recovery as it nears the significant $70,000 price level. Recent price action has seen Bitcoin break through several resistance levels, now trading just below $65,000. The cryptocurrency's ability to maintain this upward trend is pivotal. Investors are optimistic as Bitcoin continues to make higher lows, suggesting a potential breakout. Key levels to watch include the $67,000 resistance, which if surpassed, could push Bitcoin towards $70,000. Meanwhile, $62,000 serves as crucial support, where bulls may step in to prevent a downturn.

Shiba Inu's Recovery and Challenges

Shiba Inu has experienced a notable rebound, moving closer to the $0.00002 psychological level. Currently trading at $0.000019, the market sentiment for SHIB remains bullish. To reach the $0.00002 mark, SHIB must overcome resistance at $0.000021, a historical challenge during its rallies. If Bitcoin and Ethereum continue their upward trends, Shiba Inu could benefit from additional market tailwinds. SHIB's technical setup, including the alignment of moving averages, supports its current trajectory. The 200-day moving average, in particular, is a vital support level for sustaining price stability amid short-term volatility.

Ethereum's Struggle for Gains

Ethereum is facing challenges regaining momentum, having stalled below important resistance levels. The 200-day moving average serves as a significant barrier, reflecting Ethereum's bearish pressure. Recent attempts to surpass $2,700 have failed, with prices falling below $2,600, causing trader caution. A weak crossover pattern on the 50-day and 100-day moving averages limits short-term upside potential. Additionally, Ethereum lacks institutional inflows, unlike Bitcoin, which sees renewed interest from major investors. The neutral to slightly bearish relative strength index indicates insufficient buying demand to support a rally, posing further challenges for Ethereum's price advancement.

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