Brutal $60,000 Bitcoin (BTC) Reversal: Shiba Inu (SHIB) Expected to Drop 13% in Coming Days, Solana (SOL) Set for Further Growth from $135

Bitcoin has been unable to regain a position above the $60,000 mark, which signals potential challenges for its future and could significantly influence its market performance. The daily chart reveals considerable resistance as Bitcoin tries to break past this key level. Currently priced at $57,409, Bitcoin struggles to maintain its position above the 200 EMA, which rests at $58,165. This resistance has proven to be formidable, and without overcoming it, further declines could be anticipated. Additional resistance is present at the 50 EMA, located at $60,487, and the 100 EMA at $62,667.

The difficulty in surpassing these EMAs indicates a bearish sentiment in the market. With the Relative Strength Index (RSI) currently at 37, Bitcoin is nearing oversold territory. However, any potential reversal may hinge on a significant increase in buying pressure. The broader market environment heavily influences Bitcoin’s performance, and its struggle to break above $60,000 raises concerns even as the overall market recovers. This level is a crucial psychological barrier that traders and investors are closely watching, highlighting the importance of macroeconomic factors alongside technical indicators.

In the case of Shiba Inu, it has also struggled to maintain momentum, retracing from $0.000017 and halting the recent bullish trend. The trading volume has decreased and is back below Wednesday’s figures, suggesting a high chance of a downward reversal. At present, Shiba Inu is trading at $0.00001608, reflecting a decline from its latest peak. Market behavior indicates that SHIB encountered significant resistance at the 50 EMA, hindering its ability to continue its upward trajectory. This inability to break through critical resistance has dampened investor sentiment.

The current technical indicators reinforce a bearish outlook, as the RSI shows a level of 40, approaching oversold territory. A drastic drop in trading volume points to a lack of buyer interest and the likelihood of further declines. The immediate support for SHIB stands at $0.000015, but should the bearish trend continue, the price could test the next support level of $0.000014, representing a potential 13% drop and highlighting SHIB’s vulnerability in the current market conditions.

Solana has also participated in the broader market correction, retreating from the 100 EMA level around $146. SOL has been unable to break past the $150 threshold, which may indicate waning market momentum and a potential for further declines. Nevertheless, Solana has shown resilience by maintaining a position above the 200 EMA at $131, and it is currently trading at $136. This support level is critical in preventing further price drops and may serve as a platform for another growth phase.

To initiate a new bullish trend, SOL needs to surpass immediate resistance levels at the 50 EMA of $141 and the 100 EMA at $146.35. Despite the recent downturn, Solana’s price action suggests it is consolidating and preparing for its next move. The RSI indicates a neutral position at 47, suggesting neither overbought nor oversold conditions. Should buying pressure increase, this neutral RSI could facilitate upward movement. While trading volume has seen some fluctuations, it remains relatively stable, indicating cautious optimism among market participants regarding Solana’s prospects. A significant uptick in volume could provide the momentum necessary to break through resistance and target the $150 mark again.