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$70,000 Has Never Been Closer for Bitcoin (BTC), Will Shiba Inu (SHIB) Finally
Reach $0.00002? Ethereum (ETH) Missing Comeback
$319 Million Bitcoin (BTC) Loss Stuns Crypto Community
KU Exchange Ltd.
Bitcoin continues to outperform Warren Buffett’s portfolio, gap set to widen
Kuex Cryptocurrencies News More
2024-09-29$70,000 Has Never Been Closer for Bitcoin (BTC), Will Shiba Inu (SHIB)
Finally Reach $0.00002? Ethereum (ETH) Missing Comeback

As it approaches the $70,000 price level, Bitcoin is exhibiting strong signs of
recovery more than it has in months. With its momentum suggesting more upside
potential, Bitcoin's recent price action has seen it break through multiple
significant resistance levels. At the moment Bitcoin is trading slightly below
the next significant psychological barrier at roughly $65,000.

The ability of Bitcoin to continue on its upward trajectory is the most crucial
factor in this situation. As if to reverse the downward trend that began earlier
in the year, the asset has been making higher lows. For investors who have been
waiting patiently for a breakout this is encouraging, particularly considering
that the current price of Bitcoin is close to $70,000.

However, while the momentum is on Bitcoin’s side, there are two important price
levels that traders should keep an eye on: The current resistance level at which
Bitcoin has previously struggled is $67,000. Indicating to the market that BTC
has amassed sufficient strength to advance higher, a clear break above this
price could start a rally toward the $70,000 mark; $62,000: In the short term
this is the most important support level.

Here is where bulls are likely to intervene to support the price if there is any
pullback in Bitcoin. Sustaining the upward momentum and averting a more
significant correction require holding above this support.


SHIBA INU RECOVERS

Recent days have seen a significant rebound for Shiba Inu, moving the asset
closer to the psychological $0.00002 price point. SHIB is currently trading at
$0.000019, and the market is bullish enough to contemplate a move above the
current levels of trading. SHIB needs to break through important resistance
levels in order 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 is located around $0.000021. More possible
gains would be made possible if this level of support for higher prices was
broken. The overall context of the crypto market is another important element.
Shiba Inu might benefit from more tailwinds if Bitcoin and Ethereum maintain
their upward trends, which would help it gain traction and appreciate in value.

Notwithstanding, the market remains unstable and SHIB must sustain its present
trajectory in order to advance further. At the moment SHIB is also profiting
from a technical setup that is working in its favor with important moving
averages starting to align. In particular, the 200-day moving average is a
crucial level of support for SHIB that might aid in maintaining price stability
even in the event of some short-term volatility.

 


ETHEREUM GAINS MORE STRENGTH

After missing out on the momentum witnessed in earlier months, Ethereum has been
having trouble regaining its footing in the market. Technically speaking,
Ethereum is underperforming because it is stalled below significant resistance
levels. The obvious rejection from the 200-day moving average is one of the most
obvious patterns, and it acts as a significant psychological and technical
barrier for investors.

Ethereum is still under bearish pressure as seen by its inability to break above
this moving average. Since 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 wary. Furthermore, there is a weak crossover pattern on Ethereum's
50-day and 100-day moving averages, suggesting that short-term upside potential
may be limited.

The absence of institutional inflows is another important factor that is behind
Ethereum's lackluster performance. Little to no major buying pressure from major
players has existed over the past few months. Institutions have shown renewed
interest in Bitcoin, but Ethereum has not seen the same surge in investment.

For ETH to surpass its current range has proven challenging due to the lack of
institutional support. Additionally, the relative strength index for Ethereum is
currently neutral to slightly bearish, indicating that there isn't a lot of
buying demand to sustain a rally.

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Cryptocurrencies News
$70,000 Has Never Been Closer for Bitcoin (BTC), Will Shiba Inu (SHIB) Finally
Reach $0.00002? Ethereum (ETH) Missing Comeback
$319 Million Bitcoin (BTC) Loss Stuns Crypto Community
KU Exchange Ltd.
Bitcoin continues to outperform Warren Buffett’s portfolio, gap set to widen
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