Bitcoin has officially surpassed the $111,000 mark and entered new all-time-high territory. However, in spite of this technical milestone, the overall market reaction has been remarkably subdued. This recent surge feels more like a grind than an explosive move in contrast to the euphoria-fueled rally of 2021 or the parabolic runs of 2017. In terms of technical analysis, Bitcoin is still strongly rising.
The 50-day EMA is now comfortably above the 200-day, confirming a golden cross. The breakout above the resistance level of $102,000 has held firm, and volume is increasing gradually. When you look more closely, though, you start to see indications of overextension. The price has moved far from short-term moving averages and the RSI is well into overbought territory at 77, indicating that a possible correction is imminent.
Even though the ATH breakout occurred, the lack of substantial capital inflow is more telling. In previous cycles, breaking an ATH usually resulted in a surge of institutional and retail purchases. This time, rather than fresh liquidity flooding the market, it appears to be more about existing capital rotating and shorts being squeezed. Bitcoin’s recent sharp increase was aided by $239 million in short liquidations, but if new buyers do not enter the market, that momentum may not last.
The ATH is more psychological than market-defining in this situation. While it is a confirmation of the long-term bullish structure, it has not yet set off the type of rally driven by FOMO that we have witnessed in past cycles. Short-term upside might be constrained in the absence of that catalyst.
Before the next leg, Bitcoin might need to cool off. It would not be shocking to see a correction toward the $101,000-$102,000 breakout zone, which might offer more solid support for a long-term upward move. The new ATH is more of a checkbox than a party until actual inflows make a comeback.
Shiba inu revitalized
Following some tumultuous weeks, Shiba Inu is displaying signs of regaining strength. The meme-inspired asset has shown signs of a possible change in momentum by convincingly rebounding off the 100 EMA. Due to the subsequent uptick, SHIB has regained its position above the $0.0000150 mark, which is a short-term psychological threshold. This important support level held firm. More encouraging is the 26 EMA’s behavior, which is currently curling upward and closely following the price.
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This is a technical indication that buyers are taking back control and that short-term sentiment is improving, and it frequently signals the start of a momentum expansion phase. If this pattern continues, SHIB might make a serious effort to take back the 200 EMA, which is currently serving as resistance close to the $0.000016 mark.
The return of the asset to a medium-term uptrend would be confirmed by a successful break above the 200 EMA. Traders ought to exercise caution, though, as a double top could form. If volume does not support further upside, the previous high at $0.000017 might serve as a cap, and a failure to break higher could cause a retracement back toward the 100 EMA.
The current bounce appears to be more of a technical relief move than a euphoric breakout, as volume is still low when compared to previous breakouts. However, gains could accelerate if SHIB is able to draw in enough buy-side pressure to break through the 200 EMA.
Dogecoin falls back
As it traces a course back toward the crucial $0.30 level, Dogecoin is making yet another determined effort to regain its gains. DOGE has now decisively broken through the descending trendline, which usually marks the end of a correction phase and the start of a possible recovery rally following a period of consolidation and a steep retracement from prior highs. DOGE is heading toward a crucial test at $0.25, a level that has historically served as strong resistance and is currently trading close to $0.24.
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A breakout with significant volume could push the rally to $0.28-$0.30, which could act as a structural and psychological ceiling. The configuration appears promising from a technical standpoint. A potential momentum expansion phase is indicated by the 26 EMA converging with the 50 and 100 EMAs. When accompanied by a distinct pattern breakout, as is the case with the falling wedge that DOGE has just exited, this alignment frequently signals the start of a stronger bullish move.
But traders should exercise caution. If DOGE is unable to break and hold above the $0.25 resistance, there is still a chance of a double top. An immediate retreat back toward support at the 100 EMA or around $0.21 may result from this. This most recent upswing has seen a steady increase in volume, which suggests that interest is returning but is not yet at levels that point to euphoric buying.
