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Analysis of Bitcoin Market Fluctuations and Major Currency Dynamics
Bitcoin's recent performance has failed to drive bullish sentiment across the entire market. Yesterday, Bitcoin once again broke through $70,000, bringing hope to the market. However, the subsequent selling pressure quickly pushed it below $69,000. The chart shows that Bitcoin experienced a sharp decline after this milestone, possibly due to investors taking profits after the recent rebound. Currently, the trading price of Bitcoin is slightly above the 50-day moving average support at $68,000. If this support cannot be maintained, the next support level near the 200 EMA may be tested. Nevertheless, the long-term trend of Bitcoin remains positive, and the short-term decline may be a self-correction before the next rally. However, investors need to remain vigilant and pay attention to any signs of weakening price trends.
Stability of Solana
Solana is one of the few assets in the market that has remained stable, trading at around $150 and above the 100 EMA. Despite the overall negative market sentiment, from a long-term perspective, SOL is still in an upward trend, and the current support level may become the basis for future reversals. The resilience shown by Solana at the $150 price level may provide a springboard for further upward movement. Although the trading volume is lower than previous peak periods, traders' interest remains strong, indicating that Solana may be preparing for the next rebound.
Predicament of Shiba Inu
Shiba Inu failed to hold the 100 EMA support and opened below this line during the trading period, causing concern among investors. After the current price fell below the support level, selling pressure increased, approaching the next major support level at $0.000019. The RSI indicates that the currency is approaching the oversold zone and may continue to bear selling pressure, but there is also a chance of a short-term rebound. The decreasing trading volume indicates waning buying interest, suggesting that SHIB's future recovery will be challenging. If selling pressure persists, the next important support level will be near the 200 EMA, which may be tested in less than a week.
If the price fails to break through the resistance level at $0.00002220 USDT, it may continue to fluctuate within the channel, even retesting the lower support level. Investors may consider adding positions after the price breaks through and stabilizes at $0.00002220 USDT, otherwise, they should remain cautious and wait for clearer signals.
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