The cryptocurrency market’s focus has once again shifted to Bitcoin as it looks to regain its bullish momentum. A significant recovery ensued following a steep correction that saw Bitcoin momentarily fall below $92,000, driven by the U.S. announcement of a strategic crypto reserve. 

Initially, this news gave the market hope, which caused Bitcoin and other cryptocurrencies to rise. But the rally did not last long. Sentiment swiftly changed and became bearish once more as international markets opened. When sellers took back control and drove the price back down, Bitcoin was unable to maintain its upward trajectory. 

At $92,664 right now, Bitcoin is still trading sideways and is having trouble confirming a breakout toward $100,000. The recent rebound seemed encouraging, but its quick decline raises the possibility that it was more of a transient response than a real recovery. Bitcoin is still trading below important resistance levels, and the upward momentum seems to be waning. 

In order to establish a move toward the psychological barrier of $100,000, Bitcoin must break above $95,000 and remain above that level in order to validate a reversal. There is a greater chance of a decline if Bitcoin is unable to recover $95,000, as $87,800 is the next significant support level. If this is broken, selling pressure might increase and push Bitcoin closer to $80,000. Conversely, a clear breakout above $100,000 might rekindle bullish sentiment and draw in new investors.

Solana’s eye-catching performance

Solana experienced a sharp price spike, briefly reaching $170 before running into strong resistance and plummeting again. Although the move first suggested a possible breakout toward the crucial $200 level, the rejection shows that the bulls were unable to maintain the momentum. In spite of this, the market is seeing a spike in trading volume, which suggests that investor interest is high. 

The 26-day Exponential Moving Average, a crucial sign of trend reversals, was surpassed by Solana during its most recent rally. The price swiftly turned around and dropped back below this mark, indicating that sellers are still in charge for the time being. SOL is currently trading at about $161, and the immediate resistance is in the $170-$175 range. 

Regaining $180 might open the door for another push toward $200, if buying pressure increases. The $150 and $140 levels are important support levels on the downside. A decline below these areas might hasten the selling process and result in additional losses. The sharp increase in trading volume is one noteworthy feature of Solana’s price action.

This drove the rally at first, but the steep rejection at higher levels indicates that profit-taking, not new purchases, accounted for a significant amount of the volume. This makes it unclear if SOL’s rally has enough strength to last or if further declines are likely. The market’s volatility is highlighted by Solana’s sharp rise and equally sharp fall.

Despite the encouraging increase in trading volume, the fact that it was unable to stay above the 26 EMA indicates that sellers are still in control. A sustained move above $170 would indicate bullish ness, but another decline toward $150 is still possible if SOL keeps struggling at the resistance level.

Shiba Inu sees surge

Recently, there was an attempt to break above the 26-day Exponential Moving Average (EMA), but the move was a fakeout, once more trapping bullish traders before the price fell back down. As of right now, SHIB is trading at about $0.00001410, lacking any significant upward momentum. 

For SHIB’s price action, a breakout above the 26 EMA is still a critical barrier. The fact that the recent attempt to push higher was quickly turned down shows that sellers still have the upper hand. SHIB may move toward $0.00001700 or even $0.00001800 if it can successfully regain this level and maintain above $0.00001550.

Nonetheless, persistent rejection at resistance areas suggest that bullish momentum is still lacking. Currently, the declining trading volume is one of the most alarming aspects of SHIB. Even though activity briefly increased, volume has been continuously dropping, indicating that interest in the asset is waning. In the absence of a robust buyer inflow, any prospective breakout attempts might not have the strength required for long-term upward movement. 

Bearish pressure is keeping prices low, and SHIB is still in a precarious position. Bullish momentum might be rekindled by a breakout above the 26 EMA, but the lack of volume and frequent fakeouts suggest caution. SHIB’s chances of a significant recovery are still unclear unless it can regain important resistance levels and draw in fresh buying interest.