U.Today – As it approaches the $70,000 price level, it is showing stronger signs of recovery than it has in months. With its momentum suggesting further upside potential, Bitcoin's recent price action has seen it surpass multiple significant resistance levels. Right now, Bitcoin is trading slightly below the next major psychological barrier, around $65,000.
Bitcoin's ability to continue its upward trajectory is the most crucial factor in this situation. As if to reverse the downward trend that began at the beginning of the year, the asset has been hitting higher and higher lows. For investors who have been patiently waiting for a breakout, this is encouraging, especially considering that the current price of Bitcoin is approaching $70,000.
However, while momentum is on Bitcoin's side, there are two important price levels that traders should keep an eye on: The current resistance level that Bitcoin has previously struggled with is $67,000. Signaling to the market that BTC has built up enough strength to advance higher, a clear break above this price could initiate a rally towards the $70,000 mark; $62,000: In the short term, this is the most important support level.
This is where the bulls are likely to step in to support the price if there is any pullback in Bitcoin. To maintain the bullish momentum and avoid a more significant correction it is necessary to stay above this support.
recovers
The last few days have seen a significant rally for Shiba Inu, bringing the asset closer to the psychological price of $0.00002. SHIB is currently trading at $0.000019 and the market is bullish enough to see a move above current trading levels. SHIB needs to overcome important resistance levels to reach the $0.00002 mark.
As it has historically served as a major obstacle for SHIB during its rallies, the most significant resistance level lies around $0.000021. More gains could be made if this level of support to higher prices were broken. The general context of the cryptocurrency market is another important element. Shiba Inu could benefit from more tailwinds if Bitcoin and maintain its bullish trends, which would help it gain traction and appreciate in value.
However, the market remains unstable and SHIB must maintain its current trajectory to continue moving forward. Right now, SHIB is also benefiting from a technical setup that is working in its favor with important moving averages starting to align. Notably, the 200-day moving average is a crucial support level for SHIB that could help maintain price stability even in the event of some short-term volatility.
Ethereum gains more strength
After losing the momentum seen in previous months, Ethereum has struggled to regain its position in the market. Technically speaking, Ethereum is underperforming because it is stuck below significant resistance levels. The obvious rejection of the 200-day moving average is one of the most obvious patterns and acts as an important psychological and technical barrier for investors.
Ethereum is still 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 back below $2,600, traders are becoming more cautious. Additionally, there is a weak crossover pattern on Ethereum's 50-day and 100-day moving averages, suggesting that near-term upside potential may be limited.
The absence of institutional inflows is another major factor behind Ethereum's lackluster performance. In recent months there has been little to no major buying pressure from the major players. Institutions have shown renewed interest in Bitcoin, but Ethereum has not seen the same increase in investment.
For ETH to surpass its current range has proven challenging due to the lack of institutional support. Furthermore, Ethereum's Relative Strength Index is currently neutral to slightly bearish, indicating that there is not much buying demand to sustain a rally.
This article was originally published on U.Today.
