Bitcoin (BTC) Surges to $65,000: What Is It? Solana (SOL) Draws Hidden Price Pattern, Dogecoin (DOGE) L

While digital gold has made a significant comeback, things are still too complicated

Recently, the price of #Bitcoin❗ has increased sharply, almost reaching $65,000. Many market participants were surprised by this sudden and rapid action. But as soon as the value of Bitcoin increased, selling pressure quickly followed, causing the price to fall sharply.

A classic illustration of how volatile Bitcoin can be, especially when liquidity is low, is this price knife on the chart. The price action that took place up to $65,000 looked encouraging, but the subsequent reversal shows that BTC is struggling to maintain its upward momentum. There is not enough follow-through to sustain the gains despite the initial excitement surrounding this strong move, which raises the question of whether $BTC

BTCUSDT

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will soon be able to achieve this growth again.

#BTC/USDT Chart by TradingView

As of now, Bitcoin is trading at around $62,000, with resistance at $65,000. Stronger volume and buying pressure — something that was absent during the most recent surge — are needed if Bitcoin is to make another run at $65,000. Given the erratic price action, traders and investors should be cautious as there is no clear sign that #BTC☀ will rise further without strong support.

Furthermore, neutral conditions suggested by technical indicators such as the relative strength index suggest that while the market is not overheated, there is also no strong momentum to push Bitcoin higher in the near future. If the important support level of $60,000 fails to hold, Bitcoin could fall back to its previous values.

Solana's Hidden Pattern

Solana is currently showing signs of a widening wedge reversal pattern. The narrow starting point and widening over time, indicating increased market volatility and indecision, is what distinguishes this pattern.

Expanding wedge patterns often lead to a breakout or a breakdown, and Solana is currently at a pivotal point where the next move will determine its direction. According to Solana’s chart, the price is currently trading just above key support levels between $140 and $145.

If $SOL

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143.735

-0.63%

If enough momentum is gained, the expanding wedge pattern suggests a reversal is possible. As a ceiling in recent weeks, the $150-$155 resistance zone needs to be broken for the asset to confirm a bullish reversal, according to Solana. The next target, in line with the previous high from September, would be at $160 or close to $160 if Solana can break above this level with significant volume.

To maintain its current bullish momentum, Solana needs to hold support at around $140 on the downside. A break below this barrier could invalidate the expanding wedge pattern, potentially triggering a decline to $135 or even lower. Another important technical level to watch is the 50-day EMA, located at $145. If the price stays above this moving average, it would support the possibility of a further potential reversal.

Dogecoin Missed Its Opportunity

Due to the rejection at a crucial stage, Dogecoin missed out on a significant reversal opportunity. The 100-day EMA, which acted as resistance, became an insurmountable barrier for $DOGE

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-1.51%

. The probability of a decline has increased due to this denial and the coin is now under more selling pressure.

Dogecoin faced resistance at the 100-day moving average (EMA) after attempting to break above $0.12. Since then, the price has started to decline. If this level is not broken, it would indicate that buyers are no longer in control of the market and the momentum is now in the hands of sellers.

This rejection is important because it represents a key turning point where #doge⚡ has a chance to break the previous downtrend. Now that the 100-day EMA has been rejected, Dogecoin is vulnerable to further declines. The psychological barrier at $0.10, which has acted as support in previous trading sessions, is the next support level to watch.

The next important support level is located around $0.09 and if DOGE breaks below this level, the downtrend could accelerate. If DOGE wants to have any chance of reversing, it needs to reclaim $0.12. Dogecoin’s short-term bearish momentum could continue unless there is a sudden increase in buying pressure based on the current price action. The asset appears poised for more losses and traders should keep an eye on key support levels ahead amid a failed breakout attempt at the 100-day EMA.#Write2Win