Story Highlights Bitcoin price seems to be under bearish influence as the price continues to hover close to the $27,000 level. Meanwhile, Dogecoin seems to have completed consolidation, with many quickly triggering a good upward move.

Bears seem to be exhausted to some extent after the recent decline as the major cryptocurrency is trading more or less flat. Moreover, bulls continue to remain uncertain as minor upticks are attracting bears who tend to extract profits and slash prices. However, one popular analyst, MMBTtrader, is quite bullish on Dogecoin while believing that Bitcoin (BTC) price may still be under the bearish influence

Bitcoin (BTC) Price Analysis

Bitcoin price is facing extreme bearish pressure after creating a local high near $31,000, which has dragged the price down to the trendline. It has been following the trendline since the beginning of the year and has also cut through these levels to mark lows. Therefore, a similar price action is currently speculated as the bears seem to be well-positioned at the moment.

Currently, BTC price has broken down from the resistance and is expected to do more in the coming days. The newly formed daily support is initially at $26,000, followed by the major Fibonacci support around $23,500.

Meanwhile, the trend reversal zone is around $29,200 and the current parallel ascending channel may retest the breakout. However, the main daily resistance is around $31,000. A small but weak resistance is encountered at $27,000 and the price may easily drop to $26,000.

Dogecoin (DOGE) Price Analysis

The price of Dogecoin recently lost a key resistance level but seems ready to bounce back in the coming days. The price is hovering near the newly formed support level, gathering strength to trigger the next bullish wave in the future. However, the price is currently trading under a bearish influence, which may fade in a short time.

DOGE price is trading above the daily support at around $0.07 and above $0.06 is the last line of defense. After reaching these levels, analysts believe that a good uptick could be initiated which could help the price surge to the desired resistance level of around $0.1.