Bitcoin (BTC) price action continues downward trend as it fails to overcome resistance at the 200-day EMA

The price of Bitcoin is still struggling as technical resistance levels put increasing pressure on the asset.

The price of Bitcoin (BTC) is still struggling as technical resistance levels put increasing pressure on the asset. The 200-day Exponential Moving Average (EMA), a crucial level for trend reversals, has once again rejected Bitcoin following a brief recovery attempt. The inability to overcome resistance prompts worries about additional downward movement in the upcoming weeks.

Bitcoin struggles to stay afloat

The price of Bitcoin is currently trading at around $82,000 as it continues to decline from its recent highs. The asset is unable to recover its upward momentum due to rejection at the 200 EMA, which signals that bearish sentiment is still strong.

Moreover, there has been a consistent drop in trading volume, highlighting weak buying pressure and leaving Bitcoin vulnerable to another possible selloff. The market has worsened as Bitcoin faces difficulty establishing a strong level of support.

Sellers are taking back control, as evident by the chart's recent lower highs, which may lead Bitcoin back to previous support areas. The next crucial support for Bitcoin, which would signal a deeper correction phase, might be in the $75,000 range if it fails to hold the $80,000 mark.

The larger cryptocurrency market has also been turbulent, with major altcoins facing similar difficulties in their respective recovery attempts. Due to ongoing market pressures from regulatory issues and macroeconomic uncertainties, investor sentiment is still cautious.

The Relative Strength Index (RSI) is still in neutral territory but beginning to weaken, further supporting the idea that Bitcoin might not have enough momentum for a short-term recovery.

The failure of Bitcoin to recover significant resistance levels raises the possibility that a bearish cycle will continue. Bitcoin may face more downward pressure soon if there isn't a substantial shift in the market or a surge in buying volume.

As a result, traders should closely monitor the $80,000 support level as a breach below this level could lead to a more significant decline.

Dogecoin has more trouble staying afloat

Dogecoin (DOGE) is still facing strong resistance as it tries to break through the crucial level at $0.18.

The asset has failed to pierce through this barrier despite multiple attempts, highlighting the weakness of the market in driving prices higher. This significant rejection implies that DOGE is still vulnerable to further declines.

One key factor hindering DOGE's recovery is the persistent sellers at the $0.18 resistance. Whenever the price of Dogecoin gets close to this level, there is increased selling pressure, pushing the asset back down.

The inability to overcome resistance at $0.18 and the lack of substantial buying support at current levels suggest that the market is not strong enough to support a continuation of the rally.

Furthermore, Dogecoin is facing increasing pressure from the death cross, a bearish technical pattern where the short-term moving average crosses below the long-term moving average, adding to its difficulties.

This pattern signals a decreased probability of a short-term recovery and indicates a prolonged downward trend. As long as this bearish formation is present, DOGE may experience ongoing selloffs and feeble reversal attempts.

The next important support area is located around $0.16 if DOGE fails to recover higher levels. A break below this level could lead to further drops and potentially a test of the lower support zone around $0.14.

Solana shows a higher low but faces critical resistance

After a prolonged decline, Solana (SOL) is still facing strong resistance as it tries to recover. The asset is having trouble gaining momentum despite showing signs of a potential bottom.

However, there is a faint but crucial technical signal that might be indicating a potential reversal. The formation of a higher low signals that buyers are entering the market at slightly higher levels.

This technical pattern, which may set the stage for a more stable recovery, is commonly observed during periods of price reversals or bottoms.

Still, Solana's outlook remains challenging as the asset is trapped in a continuous downward trend due to a death cross on the charts. This occurred when the short-term moving averages fell below the long-term moving averages, typically indicating prolonged bearish conditions and making it difficult for SOL to exit its current price range.

Technically, any possible recovery would be severely hampered by the resistance levels of $143 and $169. Only a clear break above these levels would suggest that Solana is poised to generate some long-term bullish momentum.

Additionally, the lower highs recorded during earlier recovery attempts indicate a persistent battle against selling pressure.

The overall market mood should also be considered, as it might be more difficult for already-weak assets like Solana to stage a comeback as the entire cryptocurrency market becomes unstable.

If Bitcoin and other major assets do not recover, then SOL might be exposed to further downside risks. However, despite these worries, the higher low signals that buyers are still present and capable of putting a floor on the declines.

If Solana can maintain itself above the $125 mark and pick