Bitcoin Bulls Still in Control
Despite signs of increased selling pressure, Bitcoin bulls (BTC) continue to demonstrate resilience and hold strong. Historically, September has been a challenging month for Bitcoin, often witnessing bearish trends. However, after a robust rally this September, Bitcoin’s price action suggests that the bulls are not ready to relinquish control just yet.
The leading cryptocurrency has managed to stay above crucial support levels, notably $62,000 and $61,000, which has provided stability in the face of potential downturns. These levels, reinforced by key moving averages, have helped prevent any significant price drops. Bitcoin’s price recently retraced slightly from the $65,000 mark, which many consider a necessary correction before another upward surge.
In light of ongoing global monetary easing, Bitcoin’s upward trajectory remains intact. Investors view Bitcoin not only as a hedge against inflation but also as a high-performing asset. As a result, even with current selling pressure, Bitcoin bulls appear well-positioned to maintain the current bullish outlook.
Shiba Inu Aims for $0.00002
Shiba Inu (SHIB) has captured renewed attention in the crypto market as it aims for a price target of $0.00002, which represents both a psychological and technical barrier. The meme coin has experienced increased investor interest and on-chain activity, driving its recent price spike.
The solid support SHIB has found between $0.000015 and $0.000016 has laid the foundation for its bullish trend. Institutional and retail interest continues to grow, and the rise in trading volumes adds further strength to SHIB’s price action. Shiba Inu could soon reach its target if it can break past immediate resistance at $0.000018 and $0.000019.
Moreover, technical indicators such as moving averages suggest that Shiba Inu is poised for continued growth. If it sustains its current upward momentum, breaking through $0.00002 may happen sooner than expected.
Ethereum at a Crossroads
Ethereum (ETH) is currently trading at a pivotal threshold near $2,638, marking a critical moment for the cryptocurrency. Bulls and bears are in a fierce battle to determine the next price movement. Immediate support lies at $2,600, a level that has been repeatedly tested in recent weeks.
Should Ethereum hold above $2,600, it could aim for $2,800, where the 200-EMA and other resistance levels converge. Surpassing this level could signal a larger rebound toward $3,000. However, if Ethereum loses its grip, a retreat to $2,500 or even lower could occur, which would prompt further consolidation.
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