Riding the Bull: Bitcoin and SHIB Prices Surge, But Will the Rally Last?

The top dog in the crypto realm is currently valued at $22160, boasting a 1.50% surge in the past 24 hours, as per CoinMarketCap data. A whopping $26,565,000,201 worth of Bitcoin was traded in the past day, indicating a 24.04% increase. Nonetheless, the past week witnessed a bearish downturn of 4.33%.

BTC/USDT 4-hour Trading Chart 

At present, Bitcoin is inching closer to the 200-day moving average (MA) in the 4-hour chart. If it manages to breach this crucial threshold, Bitcoin could potentially scale up to its previous high of $24,500, which serves as a resistance level. However, if it fails to surpass this psychological barrier, there is a possibility of a downward spiral, leading to a price drop below $21,000.

SHIB/USDT 4-hour Trading Chart 

Let's take a look at the market capitalization's 13th placer, Shiba INU. Despite the 4.46% hike in SHIB's price within the past 24 hours, the past week has still seen a downturn of 7.77%.

However, SHIB prices seem to be in a bull trend according to the 4-hour chart displayed above. The coin has been trading steadily above the 200-day MA since the first week of January 2023. Although it formed a weak high of $0.00001576, it hasn't been able to surpass that level and has witnessed a decline since then.

Nonetheless, SHIB's price has been fluctuating within a tight range, referred to as the "order block." However, there is a possibility of a breakdown in the current 200-day moving average zone. In the event of a drop, SHIB's price could potentially hit $0.00001087.