Sep 30 2024: Bitcoin is showing strong signs of recovery as it approaches the $70,000 price mark, a level not seen in months. With momentum on its side, Bitcoin has broken through several key resistance levels and is now trading just below the critical psychological barrier of $65,000.
The key to Bitcoin’s continued rise lies in maintaining its current upward trend. Having formed higher lows, the cryptocurrency is reversing the downward trajectory it started earlier in the year, much to the encouragement of investors who have been waiting for a breakout. With Bitcoin nearing $70,000, two crucial levels to watch are:
$67,000: A resistance level where Bitcoin has previously struggled. A clear break above this could trigger a rally toward $70,000.
$62,000: The most important short-term support level. Holding above this point is crucial for maintaining upward momentum and avoiding a major correction.
Shiba Inu Recovery
Shiba Inu has also seen a notable rebound in recent days, pushing closer to the psychological price point of $0.00002. Currently trading at $0.000019, market sentiment remains bullish, hinting at a potential rise beyond its current trading range. For SHIB to hit $0.00002, it needs to break through key resistance, particularly at $0.000021, which has historically been a major barrier during rallies.
If this level is surpassed, Shiba Inu could see further gains. The broader crypto market will also play a role; if Bitcoin and Ethereum continue their upward trends, SHIB may gain additional traction. That said, market volatility remains a concern, and SHIB will need to sustain its current momentum to push higher. Technically, the alignment of important moving averages, particularly the 200-day moving average, provides additional support for SHIB’s price stability, even in the face of short-term fluctuations.
Ethereum’s Ongoing Struggles
While Bitcoin and Shiba Inu have shown signs of strength, Ethereum continues to face challenges. After missing out on the recent market rally, Ethereum has struggled to regain its footing, failing to break through significant resistance levels. One notable barrier is the 200-day moving average, which has acted as both a psychological and technical resistance for investors.
Ethereum has been underperforming, unable to break above $2,700, with prices repeatedly retreating below $2,600. Adding to this pressure, a weak crossover pattern between Ethereum’s 50-day and 100-day moving averages suggests limited short-term upside potential.
Moreover, Ethereum’s struggles can also be attributed to the lack of institutional inflows, which have boosted Bitcoin but not ETH. The absence of major buying pressure from institutions has made it difficult for Ethereum to break out of its current range. The relative strength index (RSI) for Ethereum is currently neutral to slightly bearish, indicating insufficient buying demand to fuel a rally.
