Bitcoin (BTC) Nears $70,000: Can Shiba Inu (SHIB) Hit $0.00002 Next? Ethereum (ETH) Struggles for a Strong Comeback

Bitcoin Near $70,000: A Momentum Boost and Levels of Interest

Bitcoin is showing very aggressive signs of a strong recovery as it approaches the $70,000 price level. It holds more upside potential than it had in the last several months. The recent price action has broken above some significant resistance levels and currently trades slightly below the $65,000 level.

The investors waiting for a breakout are encouraged by the current upward momentum, especially because Bitcoin continues to produce higher lows as it reverses the momentum it had lower in the year.

However, two major price levels remain to be watched closely:

– $67,000 (Resistance Level): Bitcoin has capitulated to this level on previous occasions. Once it breaks above this level, it will indicate that BTC has enough momentum to rally toward $70,000.

– $62,000 (Support Level). This support level is crucial if the momentum is to continue upward. Support around this level will attract buyers if Bitcoin starts making a pullback. Of course, holding above this level is required to prevent another larger correction.

If Bitcoin can break out of the resistance at $67,000, it will likely create a rally going towards $70,000, a psychological level that many traders want to smash above.

On the downside, staying above $62,000 will help maintain the momentum and avoid a major correction.

 Shiba Inu’s Rebound and Price Targets

SHIB recently took a strong bounce and continues to close in on the psychological price of $0.00002. Currently, SHIB has moved up to almost $0.000019, and the market sentiment has enough bullish momentum to push this coin past the current trading levels.

However, to move up and reach the mark of $0.00002, SHIB must clear several high barriers – key resistance levels.

The most significant resistance for SHIB is at $0.000021, which, as history has dictated, had always happened to be one major obstacles in the way of the ongoing rallies. This would break the door open for more gains and solidify the upward trend.

Shiba Inu also benefits from the overall positive sentiment in the crypto market. If Bitcoin and Ethereum could keep going, that is its way of generating tailwinds for SHIB and helps to build more momentum and appreciate.

In addition, SHIB is also sporting a good technical setup, as the important moving averages begin to align. Here, the 200-day moving average is serving as a strong support area where price action has held steady even during brief short-term activity.

 Ethereum Struggling as The Market Moves Back to Recovery

Even though both Bitcoin and Shiba Inu are still in an uptrend, Ethereum, at least cannot stand its ground as it once could. Since Ethereum lost the bullish run in the earlier parts of this year, it is still in a tight spot and is unable to breach through from above several resistance lines.

Without doubt, its strongest enemy is the 200-day moving average, acting simultaneously as a technical and psychological resistance for ETH.

Ethereum did fail numerous times on attempts to break through $2,700, and has since fallen below $2,600.

Now, that’s telling you there is still weakness within the price action there and is in line with a bearish crossover between its 50- and 100-day moving averages, making it abundantly clear that there is not much short-term upside there.

Technical challenges are not the only cause for Ethereum’s performance weakness; a lack of institutional support has further tried to weigh down Ethereum’s performance. Institutions seem to be interested in Bitcoin again over the past months or so, but they never focused much on Ethereum.

The absence of the big money inflow from institutions is most likely a contributing factor to this Ethereum underperformance relative to Bitcoin.

Another important indicator for Ethereum is its RSI, at the time of writing neutral to slightly bearish, which means there is little demand in buying it.

For the moment, then, there is not much momentum on its part to break out of its current range.

 Market Outlook

At Bitcoin’s price of $70,000, its ongoing momentum to the upside is being understood in a bullish further on, pending a trend reversal over significant resistance.

Investors will watch for further downside reactions in Bitcoin’s final steps to a stronger inverted head-and-shoulders pattern as if reversed. Shiba Inu may rebound if it breaks above strong resistance at $0.000021.

On the other hand, Ethereum faces multiple headwinds – such as technical resistance and non-institutional inflows that would make its road to recovery rather steeper.

As such, for Ethereum to have any seriously positive momentum, it needs to break through over the 200-day moving average and gain stronger buying interest-remember, especially at the institutional levels.

Conclusion: Crypto market, taking a broader perspective, is performing with strengths in major assets differently. Bitcoin seems to be the asset with the highest recovery strength. Shiba Inu gives hope but resists its growth, and Ethereum still seems to be struggling with the dynamics of the market and changes in sentiment among investors.

The upcoming days will be crucial in determining whether they can breach the barrier levels or sustain their uphill moves.