Bitcoin [BTC] broke above the $17.6k-$17.8k resistance zone and traded at $18.1k at the time of writing. Even though it faced resistance at $18.2k and $18.6k at press time, the bulls continued to make a strong case for further gains. An inefficiency further north meant a BTC move toward $20k became more likely by the day.

This meant meme coins such as Shiba Inu [SHIB] also saw bullish market sentiment. The coin traded close to a level of resistance from mid-November. The previous breakout past this level was quickly reversed. Can this rally meet the same fate?

The RSI on the four-hour chart remained above neutral 50 to show bullish momentum. Meanwhile, the OBV has made a series of higher lows in January. Together, they suggested the bias remained bullish for Shiba Inu.