Bitcoin Near $90K, Dogecoin Weakens, Solana Stabilizes: What’s Next for Major Crypto Assets?

Bitcoin Near $90K, Dogecoin Weakens, Solana Stabilizes: What’s Next for Major Crypto Assets?

Bitcoin (BTC) traded near the key $90,000 support level on Wednesday, and analysts warn that a close below this mark could open the door to sharper losses.

Market signals show softer demand, especially from larger investors, as US-listed spot Bitcoin ETFs recorded more than $370 million in outflows on Tuesday.

These withdrawals extend a pattern that has been in place since November 12.

The numbers also point to stronger sell-side pressure. Long-term holders have been cutting back for months, and ETF investors are now speeding up their selling.

What Does the Surge in Perpetual Open Interest Mean for Bitcoin?

BTC stayed under pressure as institutional flows remained negative.

Data from SoSoValue shows spot Bitcoin ETFs saw $372.77 million in outflows on Tuesday, after $254.51 million on Monday. This marks five straight days of withdrawals.

If this pace continues or gets worse the current correction could deepen. It also signals that confidence among institutional investors may be fading.

A Tuesday note from K33 Research says Bitcoin is now dealing with heavy sell-side pressure across several investor groups.

Long-term holders have been trimming exposure for months, and more recently, ETF investors have also reduced their positions in sizeable amounts.

The report points to a risky setup forming in Bitcoin’s derivatives market. It says leverage has jumped while funding rates have moved higher, creating a stretched structure.

The past week recorded the biggest rise in notional perpetual open interest since April 2023.

Much of this appears tied to traders placing resting limit orders as Bitcoin dropped to six-month lows, expecting a quick rebound.

But with no bounce so far, this added leverage now sits in the market as excess overhang, increasing the chance of sharp swings triggered by liquidations.

“Every long position is balanced out with a short position, taking the other side. Thus, squeeze risks are present in either direction.

That said, per the clear upward trend in funding rates, long aggression is evident,” the K33 analyst said.

Historical data offers a point of comparison. In March 2024, Bitcoin fell 33.57% from its all-time high, while the tariff-driven sell-off earlier that year produced a 31.95% drop.

A decline of similar scale today would place Bitcoin in the $84,000–$86,000 range.

K33 analysts warn that the fresh buildup of leverage across the derivatives market could be the force that drags prices back toward that zone or even lower if momentum accelerates.

The chart shows that Bitcoin ETF holders have an average cost basis of $89,651. BTC briefly slipped below that level on Tuesday, touching $89,183 before bouncing back. This zone has mattered before.

During the market drop in the first quarter, Bitcoin found support almost exactly at this same ETF entry level before it recovered. Traders now see it as an important threshold again.

Another level on the radar is MicroStrategy’s cost basis at $74,433. It lines up with Bitcoin’s low from April 7, 2025.

Some traders assume a break below this would trigger forced selling from the company, but that view isn’t accurate. Still, the price area carries psychological weight, and the market often gravitates toward such levels during deeper corrections.

Bitcoin started the week under pressure. It fell 2% and closed below the 61.8% Fibonacci retracement at $94,253, based on the move from the April 7 low of $74,508 to the October 6 all-time high of $126,299.

The weakness continued on Tuesday as BTC slid to $89,253 before finding support at the $90,000 mark. It later recovered and closed the session at $92,960. By Wednesday, Bitcoin was trading near $91,300.

Market analysts say Bitcoin needs to hold above the $90,000 mark to steady its footing. If it stays above this level, the price could work its way back toward the 61.8% Fibonacci level at $94,253.

The daily Relative Strength Index is close to oversold territory, which shows that the recent selling pressure may be slowing. That leaves room for a short rebound if buyers step in.

But the risk remains. A daily close below $90,000 would confirm more weakness and could pull Bitcoin toward the next support zone near $85,000.

Why Is Dogecoin Still Struggling After the October Flash Crash?

Dogecoin also struggled on Wednesday. The token traded around $0.1587 and remained stuck in a downward trend.

It has been under pressure since the October 10 flash crash, which erased more than $19 billion in crypto assets in one day.

Dogecoin, now worth about $24 billion, has lost 37% of its value since that event.

The broader market has faced the same pressure. Traders remain cautious ahead of the Federal Reserve’s December meeting, where interest rate expectations remain uncertain. With no major catalysts to lift sentiment, the market has leaned toward a defensive stance.

Fed Chair Jerome Powell said in October that a rate cut in December was not guaranteed, which unsettled investors and pushed them toward safer bets.

Market watchers are turning their attention to Dogecoin’s derivatives market as they look for clues about its next move.

Futures Open Interest (OI) has begun to stabilize, a shift that some traders see as an early sign of changing sentiment.

Is Dogecoin Preparing for a Rebound?

Dogecoin’s derivatives activity shows a modest recovery. Futures OI climbed to $1.66 billion on Wednesday, easing concerns after the sharp deleveraging on October 10 that dragged OI down to $1.37 billion by November 7.

The earlier drop reflected a clear pullback in risk-taking across the market.

Because OI tracks the notional value of open futures contracts, this steady rise points to traders returning to DOGE with more confidence.

It suggests that participants are reopening positions and testing the possibility of a short-term recovery. As more traders increase exposure, the buying pressure strengthens, giving the market a chance to stabilize.

Is Dogecoin’s Positive Funding Rate Signalling a Possible Upside Move?

The OI-Weighted Funding Rate adds another layer to the picture. It moved into positive territory, climbing to 0.0076% on Wednesday from -0.0083% on Tuesday.

A shift like this shows an increase in long positioning, often seen when traders begin leaning toward a potential upside move.

But analysts say the broader outlook still depends on one key level: $0.1500. Dogecoin needs to stay above this support to keep sentiment from slipping again.

A clear break below it could drag the market back into a deeper correction and erase the early signs of recovery now appearing in derivatives data.

Dogecoin’s chances of a lasting rebound remain low for now, even though its derivatives market has started to settle.

The daily Relative Strength Index sits at 39 and is drifting toward oversold territory. A deeper drop could pull the price below the $0.1500 level and add pressure to the ongoing decline.

The broader setup also stays weak. Dogecoin is trading under the 50-day EMA at $0.1893, the 100-day EMA at $0.2024, and the 200-day EMA at $0.2090.

These readings show the trend is still tilted to the downside.

The Money Flow Index reinforces that view. It remains stuck under a descending trendline on the daily chart, pointing to steady outflows from DOGE.

Until that changes, a strong recovery will be hard to sustain.

If the price slips below the $0.1500 support zone, it could fall toward $0.1424.

That level was last seen in June. A rebound from current prices is still possible, but it would need fresh buying interest and more stability in the derivatives market.

Can Solana Stay Above the $128.68 Support and Extend Its Short-Term Rebound?

Solana, meanwhile, is holding near $140 on Wednesday after finding support on Tuesday.

Sentiment improved after Canary Capital and Fidelity launched new spot Solana ETFs, adding to signs of growing institutional demand. The chart also leans bullish.

If SOL stays above the weekly support at $128.68, it may keep pushing higher in the short term.

Canary Capital confirmed the rollout of its spot Solana ETF, SOLC, on Tuesday, launching it on the same day Fidelity introduced its own product, the FSOL Solana ETF.

Fidelity is now the fourth major asset manager to enter the Solana ETF space and the first from the firm to include staking features.

Bitwise, which listed its fund in late October, and Grayscale, whose product also offers staking, round out the group of firms expanding into Solana-linked investment options.

The steady arrival of new ETFs reflects rising institutional demand for Solana exposure. It also supports a more positive long-term view for the Solana ecosystem and its native token.

Solana Price Prediction: Indicators hint at easing bearish pressure

Solana’s price faced resistance at $168.79 on November 11, setting off a 22% slide over the next six days.

On Tuesday, SOL bounced more than 7% after testing the weekly support level at $128.68. By Wednesday, the token was trading near $139.71.

If the weekly support at $128.68 continues to hold, the recovery may extend toward the next resistance at $160.

The Relative Strength Index on the daily chart is at 35 and rising from oversold territory, suggesting that the recent bearish momentum may be easing. This shift could help SOL attempt a short-term rebound.

But a close below $128.68 would weaken the outlook again and expose the next daily support at $118.10.

Solana’s price chart is showing its first signs of stability after weeks of steady losses. Analysts say the setup on the four-hour chart hints at a possible inverse head-and-shoulders pattern forming close to the $128 support area.

Crypto analyst Crypto Tony pointed to this structure on Wednesday. He said Solana could be setting up for a relief bounce if buyers continue to protect the base of the pattern.

The chart shows a clean downtrend through mid-November, with Solana breaking under several short-term support levels before settling near $128.

This zone has served as a strong horizontal demand level in recent months, and it is now drawing fresh buying interest. The long lower wick on the latest drop suggests traders stepped in aggressively after a sharp liquidity sweep.

The emerging pattern includes a left shoulder built during the first leg of the decline, followed by a deeper slide that formed the head around the $128 region.

Solana is forming the early shape of a right shoulder after a small pullback, with the price holding around the $139–$140 zone.

The pattern isn’t complete yet, but it does show that the downside pressure is easing. If the price moves back above the neckline, the setup could shift into a full trend reversal.

On the lower timeframes, the market structure is still bearish. Solana has been making lower highs and lower lows since the start of November.

Even so, the tightening price action near the shoulder area suggests that sellers are losing momentum.

A clean move above the neckline, which sits in the $145–$148 range, would confirm the reversal and put the next resistance at $152 back in focus.

For now, Solana is stuck in a narrow consolidation zone after the recent sell-off. Momentum is cooling, and buyers are trying to regain some short-term control.

But the structure breaks if Solana fails to hold the $128 support. A drop below that floor could send the price toward the next key area at $122–$124.