$70,000 Is Within Reach for Bitcoin (BTC): Will Shiba Inu (SHIB) Finally Hit $0.00002? Ethereum (ETH) Fails to Make a Comeback

As Bitcoin approaches the $70,000 mark, it is showing strong signs of recovery, more robust than in recent months. With momentum indicating further upside potential, Bitcoin’s recent price movements have allowed it to break through several significant resistance levels. Currently, Bitcoin is trading just below the next major psychological barrier at approximately $65,000.

The ability of Bitcoin to maintain its upward trajectory is the key factor in this scenario. In an apparent reversal of the downward trend that began earlier this year, the asset has been registering higher lows. This is encouraging for investors who have been patiently waiting for a breakout, especially with Bitcoin’s price now nearing $70,000.

Despite the positive momentum, traders should monitor two critical price levels: the current resistance level around $67,000, where Bitcoin has faced challenges in the past. A clear break above this price could trigger a rally towards the $70,000 threshold. On the other hand, the most crucial short-term support level is $62,000, where bulls are likely to step in if there is a pullback. Maintaining upward momentum and avoiding a significant correction requires Bitcoin to hold above this support level.

In recent days, Shiba Inu has also seen a notable rebound, bringing the asset closer to the psychological price point of $0.00002. Currently trading at $0.000019, the market sentiment is bullish enough to consider a move above current trading levels. However, to reach the $0.00002 mark, SHIB must break through important resistance levels. The most significant of these is located around $0.000021, which has historically posed a challenge during SHIB’s rallies. Should this level be surpassed, further gains could be possible. The broader context of the cryptocurrency market plays a vital role here; Shiba Inu may gain momentum if Bitcoin maintains its upward trend.

However, the market remains volatile, and Shiba Inu will need to sustain its current trajectory to advance further. Additionally, SHIB benefits from a technical setup, with important moving averages aligning in its favor. In particular, the 200-day moving average serves as a crucial support level for SHIB, potentially providing stability even amid short-term fluctuations.

Meanwhile, Ethereum has been struggling to regain its market momentum after missing the upswing seen in previous months. Technically, Ethereum has not performed well, stalling below key resistance levels. A notable rejection from the 200-day moving average creates a significant psychological barrier for investors.

Ethereum continues to face bearish pressure due to its inability to break above this moving average. Recent attempts to surpass the $2,700 mark have repeatedly failed, causing the price to drop back below $2,600, which has made traders more cautious. Additionally, a weak crossover pattern exists between Ethereum’s 50-day and 100-day moving averages, further suggesting limited short-term upside potential.

The lack of institutional inflows has also contributed to Ethereum’s tepid performance. There has been minimal major buying pressure from large players over the past few months. While there has been renewed interest in Bitcoin from institutions, Ethereum has yet to experience a similar surge in investment.

The challenge for Ethereum to move beyond its current price range is compounded by the absence of institutional support. Furthermore, the relative strength index for Ethereum is currently neutral to slightly bearish, indicating a lack of buying demand to sustain a rally.