Is Bitcoin (BTC) in Secret Downtrend? Dogecoin (DOGE) Breaks Key Resistance Level, Ethereum (ETH) in Pain With No Signs of Breaking Through

Bitcoin Hovering at $100,000: Bullish or Bearish?

Bitcoin's recent ascent above $100,000 has sparked speculation about the cryptocurrency's trajectory. However, a closer examination of the chart reveals a potential hidden downtrend.

Despite reaching a higher high than its late 2024 peak, Bitcoin has not broken above the descending trendline on the daily chart, indicating insufficient evidence for a complete uptrend. To maintain its momentum, Bitcoin must surpass its previous peak of approximately $110,000.

Bitcoin's volume profile also contributes to the uncertainty. While it has increased recently, it has not reached the levels seen during previous peaks. This suggests that there may not be enough significant buying pressure to push Bitcoin past its current resistance.

However, support remains strong for Bitcoin. It has successfully held above the 50 EMA and maintained its value around $100,000. These levels provide firm support, and a breakout above them could still lead to a surge in Bitcoin's price.

Dogecoin Breaks Resistance: Bullish Outlook

Dogecoin has successfully broken through a significant resistance level of $0.40, signaling renewed market optimism. It is currently attempting to cross the 50 EMA, a technical barrier that has capped its price for several weeks.

The buying pressure behind Dogecoin has increased alongside its upward momentum, indicating the potential for continued bullishness. If Dogecoin can sustain its momentum above the 50 EMA, it could target the $0.45-$0.50 range.

Failure to maintain its position above $0.40 could lead to a retracement back to the support zone around $0.35. However, a breakout above the resistance level would nullify the bearish trend that has been in place since mid-December and potentially lead to a larger rally.

Ethereum Struggles to Break Resistance

Ethereum's market performance remains muted, with little indication of significant upward momentum. It has failed to recover its previous highs and is hovering around $3,740.

Ethereum has repeatedly failed to break through the resistance levels at the 50 EMA, indicating a lack of bullish sentiment. The volume profile also indicates low buying interest.

Should Ethereum fail to break above the 50 EMA, it could face further retracement, possibly reaching $2,900 or below. A breach above $3,800, on the other hand, could reignite bullishness and open the door to higher levels.