Recently, the price of Bitcoin has risen sharply, approaching $65,000. Many participants in the market were shocked by this sudden and swift move. But as the value of Bitcoin rose rapidly, selling pressure also followed, causing the price to fall sharply.

The price knife on the chart is a classic example of Bitcoin’s volatility, especially when liquidity is thin. Price action prior to $65,000 looked encouraging, but the subsequent reversal showed that BTC is struggling to maintain its upward momentum. While the initial excitement surrounding this sharp move was exciting, the follow-through was not enough to sustain gains, begging the question if BTC will be able to reach this level of growth again soon.

As of now, Bitcoin is trading around $62,000 with resistance at $65,000. If Bitcoin is to break above $65,000 again, it will require stronger volume and buying pressure (which was not seen during the recent surge). Due to the volatile price action, traders and investors should proceed with caution as there are no clear signs that BTC will rise further without strong support.


In addition, technical indicators such as the relative strength index also show that the market is in a neutral state, which shows that although the market is not overheated yet, the recent momentum of Bitcoin's rise is not strong. If the key support level of $60,000 cannot be maintained, Bitcoin may return to its previous value.


Solana’s Hidden Mode

Currently, Solana is showing signs of a broadening wedge reversal pattern. The pattern features a narrow starting point that gradually widens over time, indicating increased market volatility and indecision.

A broadening wedge pattern usually leads to a breakout or breakdown, and Solana is currently at a critical point where its next move will determine which direction it goes. According to Solana’s chart, the price is currently trading just above an important support level between $140 and $145.


The broadening wedge pattern suggests a possible reversal if SOL can gain enough momentum. As a ceiling in recent weeks, a breakout above the $150-155 resistance zone is needed to confirm a bullish reversal, Solana said. The next target aligns with the early highs seen in September, and if Solana can break above this level on decent volume, the next target would be at or near $160.

To maintain the current upward momentum, Solana needs to hold support around $140 on the downside. A break above this barrier could invalidate the broadening wedge pattern, resulting in a drop to $135 or even lower. Another key technical level to watch is the 50-day EMA, which is around $145. If the price holds above this moving average, it will further support a potential reversal.

Dogecoin Missed Opportunity

Due to being rejected at a critical stage, Dogecoin has missed the opportunity to make a major turnaround. The 100-day EMA, which served as a resistance level, turned into an insurmountable obstacle for Dogecoin. Due to the rejection, the probability of Dogecoin falling increased, and the coin is currently facing greater 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 crossed, it will indicate that the bulls are no longer in control of the market and the momentum is now on the side of the bears.


This rejection is important as it represents a key turning point in which Dogecoin has a chance to break out of the previous downtrend. Now that the 100-day moving average has been rejected, Dogecoin could easily fall further. The psychological barrier of $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 is likely to accelerate. If DOGE wants to have any chance of a reversal, it must reclaim the $0.12 level. Unless there is a sudden surge in buying pressure based on the current price action, Dogecoin’s short-term downside momentum is likely to continue. The asset seems ready for more losses and given the failed breakout attempt at the 100-day EMA, traders should keep an eye on important support levels going forward.


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