Bitcoin Struggles to Reach $100,000 as Bulls Lose Momentum

Bitcoin's (BTC) recent price action has sparked debate on whether it's ready to reach $100,000. After a steep correction that briefly pushed it below $92,000, Bitcoin has been trading sideways around $92,664, struggling to confirm a breakout. The cryptocurrency market's focus has shifted back to Bitcoin as it attempts to regain its bullish momentum.

Bitcoin's recent rebound seemed encouraging, but its quick decline raises questions about the sustainability of the recovery. To establish a move towards the psychological barrier of $100,000, Bitcoin must break above $95,000 and maintain that level to validate a reversal. If Bitcoin fails to recover $95,000, there's a greater chance of a decline, with $87,800 being the next significant support level. A clear breakout above $100,000 could rekindle bullish sentiment and attract new investors.

Solana (SOL) experienced a sharp price spike, briefly reaching $170 before encountering strong resistance and plummeting again. Although the move initially suggested a possible breakout towards the crucial $200 level, the rejection indicates that bulls were unable to maintain momentum. Despite the high trading volume, which suggests strong investor interest, the price swiftly turned around and dropped back below the 26-day Exponential Moving Average (EMA), indicating that sellers are still in control. SOL is currently trading at about $161, with immediate resistance in the $170-$175 range.

Regaining $180 could open the door for another push towards $200, but only if buying pressure increases. The $150 and $140 levels are important support levels on the downside. A decline below these areas could hasten the selling process and result in additional losses. The sharp increase in trading volume initially drove the rally, but the steep rejection at higher levels suggests that profit-taking, not new purchases, accounted for a significant amount of the volume. The market's volatility is highlighted by Solana's sharp rise and equally sharp fall.

Shiba Inu (SHIB) recently attempted to break above the 26-day EMA but failed, once again trapping bullish traders before the price fell back down. As of now