The cryptocurrency market is feeling renewed selling pressure as Bitcoin (BTC) slips below the $77,000 mark. This latest downturn is raising fears that bears could regain the upper hand in the short term, putting further strain on investor sentiment across digital assets.
Key support and resistance for Bitcoin
As Bitcoin tests prices under $77,000, general market trends point to a period of short-term weakness. On-chain analytics firm Glassnode has highlighted the $78,300 level as a crucial historical boundary between bull and bear markets. Losing support at this level could indicate that Bitcoin’s recent rally may have been a temporary peak.
Independent analyst Filbfilb notes that in the last two bear markets, weekly gains exceeding 20% and the breaking of a “super trend” resistance signaled a shift back to a bull cycle. According to Filbfilb, for BTC to enter a sustained uptrend, it needs to break decisively above the $88,000 level on a weekly closing basis.
Filbfilb states that the most important trigger for a new bullish wave in Bitcoin would be a clear break above the super trend on the weekly close.
Recent sharp declines in the Coinbase premium indicate that institutional investors may be moving to realize profits. Nick Ruck, Research Director at LVRG, believes that large-scale investor selling could put additional short-term price pressure across the crypto market.
Glossary: The Coinbase premium is defined as the difference between Bitcoin’s price on Coinbase and other major exchanges, and serves as a key signal regarding institutional appetite or selling pressure.
Mixed movement among altcoins
Investors are not only looking for direction in Bitcoin but among leading altcoins as well. Ethereum (ETH) remains below its 20-day moving average, with bulls struggling to halt the losses. For ETH to recover, it must first close above this average on the daily chart. Should ETH fall below $2,077, the decline could extend to $1,916. However, if bullish momentum returns, the price may target $2,465.
Binance Coin (BNB) recently climbed above its 20-day moving average, approaching resistance at $687. If sellers cannot hold this level, a sustained uptrend could push BNB to $730 or even $790. However, a fall below $631 could see BNB continue to trade within a $570 to $687 range for some time.
XRP continues to trade below its moving averages, as sellers aim to push the price below $1.27. If that support is breached, a retreat to $1.11 is possible. On the other hand, if XRP manages to stay above its downtrend line, it could signal the start of a new rally.
| Coin | Key Support | Key Resistance | Outlook |
|---|---|---|---|
| Bitcoin (BTC) | $76,000 | $88,000 | Weak |
| Ethereum (ETH) | $2,077 | $2,465 | Volatile |
| BNB | $631 | $687 | Recovery attempt |
| XRP | $1.27 | $1.61 | Under pressure |
Solana, Dogecoin and other major tokens
Solana (SOL) faced resistance at its 20-day moving average near $87.83, halting its recovery. A break above $98 could spur a fresh rally, while a failure leaves the door open for a potential drop to $76.
Dogecoin (DOGE) bounced from its 50-day moving average at $0.10, but encountered strong resistance near $0.11. If daily closes above $0.12 can be achieved, price levels between $0.14 and $0.16 may come back into focus for medium-term investors. The main support remains at $0.09.
Cardano (ADA) is continuing to hover just below its moving averages. Buyers remain active, but if the $0.24 support fails, ADA could slide further to $0.22.
Spotlight on trending tokens
Among other strong performers, Hyperliquid (HYPE) reached a new all-time high of $62.65 on Thursday. Sellers are defending $59.41, and a pullback to $53.29 may indicate profit-taking among short-term traders. In case of a strong breakout, the next upside target sits at $77.
Zcash (ZEC) appeared to lose momentum after topping resistance at $643. Negative divergence in the RSI may signal increasing selling pressure. A close below $643 could accelerate a drop toward the $547 support. If instead ZEC can stay above $690, the $750 level may come into play.
Bitcoin Cash (BCH) has failed to build on its rebound from $375. If the price cannot stabilize above $393, new selling could push BCH below $348 and potentially down to $300. However, if BCH manages a close above $414, the recent downtrend could come to an end, at least in the short term.
