Shiba Inu (SHIB) price is gearing up for the first real test of the year as US GDP numbers are coming out later this Thursday. From a technical point of view, the price action on the screen is not really painting a rosy picture. Expect more pressure to build to the downside with $0.00001000 as the best level for support before re-entering the SHIB trade on the long side.
Cryptocurrencies have benefited from a new-found optimism amongst investors since the start of 2023. Bitcoin (BTC) and Ethereum (ETH) did their part in the initial run-up, but now the profits from these major coins seem to be moving to other coins, causing rallies in multiple altcoins that are easily doubling in value. While this period provides a great opportunity to grow portfolios, investors need to be cautious as markets could quickly turn bearish if BTC tumbles.
The total volume of Bitcoin options on Deribit hit its highest level since the FTX exchange collapse. Deribit is one of the world’s largest cryptocurrency options exchanges, therefore the spike in options volume signals a bullish shift in investor sentiment.
