Bitcoin has made two failed attempts this month to break the $65K resistance, with sharp pullbacks leading to concerns of a deeper correction. Currently trading at $62,662, it faces potential downside pressure, though some analysts see the recent drop as a flush of weak hands, which could spark renewed interest from stronger buyers.

Despite Bitcoin's struggle, memecoins like PEPE have thrived, rising over 5% in a week. However, PEPE’s future performance remains tied to Bitcoin’s market action.

Bitcoin is showing short-term potential for a correction, with a possible short-squeeze scenario driving its price higher. However, concerns of a deeper pullback remain, particularly with long-term holders moving less than usual and short-term sellers starting to offload.

PEPE may benefit from Bitcoin’s instability, though a BTC rally could shift focus away from memecoins. Recently, PEPE struggled to hold above $0.000010 due to a large influx of tokens, but its net withdrawals signal a possible market bottom.

The next few days will be crucial to see whether Bitcoin can regain strength or if memecoins like PEPE will continue to gain attention.