Bitcoin, the leading cryptocurrency, is trading around the $37,000 level after testing the resistance level and then retreating. Even though the resistance level was surpassed on Friday, substantial profit-taking quickly reversed the gains. So, what are the expectations for Shiba Coin?
Despite the profit-taking in Bitcoin, buyers are keeping the price above $38,000. This suggests that the current correction may not lead to deeper declines. With little time left until the end of the year, the bulls may aim for new highs, supported by ongoing demand. The bulls seem to be gaining strength as the monthly close approaches.
Increased volatility is expected due to the monthly close happening in a few days. This is due to file updates confirming strong communication between potential ETF issues and the SEC. Such ongoing communications could increase the possibility of approval in the early part of the coming year, which could support the Bitcoin price.
In a statement on November 26, Robert Kiyosaki said that Bitcoin, gold, and silver would eventually “break free from the fake money system” and make their own way in the long term. Despite short-term uncertainties, he believes these assets will find their own value in the long run.
Shiba Inu (SHIB) is currently finding buyers at the $0.00000805 level, down 2.5% for the day as the article is being written. The decline in Bitcoin’s price has negatively affected SHIB. However, if Bitcoin initiates an expected recovery towards the monthly close, the SHIB price could also rise.
The altcoin has shown an approximate 5% increase over the past month, significantly lagging behind the general market rally. If short-term daily closes are below $0.0000080, the price could fall below $0.00000763. For more significant losses, bears would need to drive the price below $0.0000075, and in this scenario, a new low could form between $0.0000072 and $0.000007.