Bitcoin Jumps to $65K, Solana Shows Hidden Pattern, Dogecoin Misses Reversal

Bitcoin had recently skyrocketed to almost $65,000. It caught many traders off guard with its rapid price increase. However, the euphoria turned very short-lived as selling pressure quickly started to pile up and drive price sharply down. This is nothing new in Bitcoin, especially when the liquidity in the market thins out.

 Bitcoin’s Volatility and Struggle to Hold Momentum

The promising price movement towards $65,000 became reversal and showed that the Bitcoin could not sustain the upward movement.

As such, though the optimism created by price spike created interest in increasing buying pressure, the non-follow-through pressure did not hold on to its gains for Bitcoin. This becomes a cause for concern on whether soon it will be retested or overcome $65,000 quickly again.

It is now trading at a price of $62,000 after forming resistance near the level of $65,000. For Bitcoin to attempt another upward move towards $65,000, that is, stronger buying pressure and higher trading volumes than during the latest spiky need to be observed.

Those weren’t seen in the previous spiky, hence making it really hard to believe that Bitcoin can hit such levels in the short term.

However, traders and investors must still exercise caution while following up on the volatile price action of Bitcoin. There is little confirmation that bitcoin will advance higher until a solid further support builds in.

Technical indicators such as Relative Strength Index, or RSI, show the indicators are almost neutral with no surge that would confirm further upside and no overheating in the market. In case it fails to hold above the critical support at $60,000, that could trigger a return towards lower levels.

The Broadening wedge with Solana

As it appears, Solana (SOL) is entering the broadening wedge reversal pattern. It begins narrow but widens over time, indicating increasing market volatility and indecision. Solana is at a point where a move either way will trigger either a breakout or a breakdown.

Solana is currently trading close to and higher than important support levels around $140 or $145. A positive trend into Solana could see the continuation of the broadening wedge, which may just be a sign of a reversal in the making.

That is, if a break above the resistance zone around $150-$155 can be confirmed, as it has been providing a ceiling for the last few weeks. If this level is broken decisively with adequate volume, then the next one should provide $160, with the price trading abreast previous highs from September.

Solana needs to remain above the support near $140 to continue its momentum. Falling below that point would break the broadening wedge pattern, sending it to around $135 or lower.

The other technical level to watch is the 50-day Exponential Moving Average, near $145. Remaining above this moving average would provide further support to a reversal.

Dogecoin (DOGE) has missed a golden chance to see notable price reversal. While attempting to break above $0.12, dogecoin was quickly turned down at the 100-day EMA, which works almost like an extremely strong resistance point. Rejection has amplified the possibility of a downward price move since selling pressure against Dogecoin has become high.

The primary pivot is where the 100-day EMA was rejected. If Dogecoin managed to breakout above this point, this trend might have been reversed from its recent decline. However, failure has shifted momentum to the bears, putting Dogecoin into further losses. The next potential support around $0.10 is a psychological mark that capped in previous trading.

A test below $0.10 could send Dogecoin crashing toward the support zone around $0.09. Below this point, faster downward momentum is likely. For Dogecoin to have any hope of stopping the downturn, the cryptocurrency will need to recover and break above the level of resistance at $0.12.

In its absence, the short-term momentum for Dogecoin is likely downward. The failed break of the 100-day EMA call seems to point to the possibility that the asset may incur further losses short term and, hence, key support levels may require keen monitoring.

Bottom Line Summary Bitcoin is close to its next uncertain hour as the price remains unclear at the $62,000 mark, but the Solana has put much more promise to it being a pivotal moment in its trajectory.

Dogecoin looks rather bleak going forward after just not taking advantage of the reversal potential from its critical resistance level. All these markets will continue to react well and badly alike, and, of course, volatility will master the next moves.