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Recently, Bitcoin experienced a significant surge in price, nearing $65,000, surprising many market participants. However, this spike was followed by selling pressure, leading to a sharp decline.

Bitcoin’s volatility is illustrated by this price action—though it briefly reached $65,000, the quick reversal indicates difficulties in sustaining upward momentum. The initial excitement lacked the necessary follow-through, raising questions about BTC’s ability to regain this level soon.

Currently, Bitcoin is trading at around $62,000, facing resistance at $65,000. Stronger volume and buying pressure are needed for another attempt at $65,000. Due to erratic price actions, caution is advised, as there’s no clear indication of further rises in the absence of strong support.

Technical indicators like the relative strength index suggest neutral market conditions, indicating no overheating but also a lack of strong momentum for an upward move. If the critical support level of $60,000 fails, Bitcoin might revert to earlier values.

Solana's Hidden Pattern

Solana is showing signs of a broadening wedge reversal pattern, characterized by an increasing volatility and indecision in the market. This pattern usually leads to either a breakout or breakdown.

Currently, Solana's price is above important support levels between $140 and $145. If SOL gains momentum, a bullish reversal is possible, but it needs to break the $150-$155 resistance zone. If successful, the next target could be around $160.

To maintain upward momentum, Solana must hold support near $140. A break below this level would invalidate the broadening wedge pattern and could lead to a decline towards $135 or lower. The 50-day EMA around $145 is another key level to watch; staying above it could support a potential reversal.

Dogecoin Misses Its Chance

Dogecoin has missed a significant turnaround opportunity after facing rejection at a crucial stage. The 100-day EMA acted as a strong resistance level for DOGE, increasing the likelihood of a decline under selling pressure.

After failing to break above $0.12, Dogecoin's price is now in decline. This rejection indicates that bulls have lost control, leading to bearish momentum.

This key rejection point was critical for DOGE to potentially reverse its prior downward trend. Now, with resistance at the 100-day EMA, Dogecoin could see further declines, with a psychological support level at $0.10. Below this, the next significant support is around $0.09, and further drops could occur if DOGE falls below this level.

For any chances of a reversal, Dogecoin must reclaim the $0.12 level. Without a sudden increase in buying pressure, the asset is expected to continue its downward trend. Traders should remain alert to the important support levels ahead owing to the failed breakout attempt at the 100-day EMA.

This article was originally published on U.Today