The recent stall in the price of Bitcoin at $58,000 comes as no surprise, given that around 24,300 Bitcoin options contracts are set to expire today, with a notional value of about $1.4 billion. This has led to speculation about whether Bitcoin will experience a fall once the options expire, especially after its stagnant performance at around $58,000 over the last few days.

Over the last 24 hours, the price of Bitcoin experienced a minor increase to trade at $58,346, with a surge in trading volume to $34 billion. Additionally, the price of Bitcoin has been confined within a falling channel pattern, trading below both the 50-day and 200-day Simple Moving Averages (SMAs), suggesting bearish movements from its resistance level.

Despite the current bearish trend, there are indications that bulls are preparing for a rebound over the falling channel pattern, as the Relative Strength Index (RSI) currently trades slightly below the neutral level at 43. If bulls take charge of the price at this level, Bitcoin could potentially soar, with $68,000 being the target. Conversely, sustained pressure from bears could cause Bitcoin’s price to plunge back to the $54,314 support zone.

In contrast to Bitcoin, the rising popularity of Shiba Inu’s derivative, Shiba Shootout (SHIBASHOOT), has caught the attention of investors. With an explosive presale that has already amassed over $961,000, the token is on its way towards its $1.6 million target. The project offers users an adventurous experience blending creativity, strategy, and the allure of a cowboy duel, along with a play-to-earn (P2E) mobile game set in Shiba Gulch.

Holders of $SHIBASHOOT tokens have the potential to earn significant rewards, not only through the P2E crypto gaming in Shiba Gulch, but also through the platform’s staking mechanism, offering annual rewards of 985%. Additionally, by participating in the presale, users can buy the token for $0.0199, with the price set to increase in less than seven days.

The presale also features a Posse Rewards system, where users can earn bonus Shiba Shootout tokens for each new signup they bring into the community. The project’s unique concept and potential for significant rewards have certainly piqued the interest of many investors.

Both Bitcoin and SHIBASHOOT have been attracting attention for different reasons, and it will be interesting to see how these developments play out in the coming days and weeks. Whether it’s the potential rebound of Bitcoin over its falling channel pattern or the growing interest in SHIBASHOOT’s presale, the cryptocurrency market is certainly keeping investors on their toes.

As always, it’s important to stay informed and carefully consider all investment decisions in the ever-changing world of cryptocurrency. Keep an eye on these and other developments, and remember to make decisions based on your own research and risk tolerance. Join us on our Telegram channel to stay updated on these breaking news and more.

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