Bitcoin, Ethereum, and XRP are on track for their fourth consecutive weekly loss since early October, with BTC dropping over 2.5% to hover around $77,477 while testing crucial technical support levels. ETH fell more than 4% below $2,215, and XRP dropped over 5% to trade under $1.230.
Technical Levels Put Bitcoin Bulls to the Test
Bitcoin's near-term outlook weakened after the cryptocurrency briefly slipped below its 100-day Exponential Moving Average (EMA) at $77,814. That level now serves as immediate overhead resistance. If buyers manage to reclaim $77,814, the next technical obstacles sit at the 50-day EMA near $80,585 and the key horizontal barrier at $85,000, which previously capped market rallies when Bitcoin outperformed the S&P 500.
Downside risk remains focused on the 200-day EMA at $76,423. Holding above this long-term trendline is critical to preserving the broader upward market structure, especially after prior sell-offs saw Bitcoin drop to $76,000. A sustained breakdown beneath $76,423 would increase the risk of a deeper price correction.
Momentum Indicators Signal Continued Pressure
Technical indicators reflect persistent selling momentum across top digital assets. Bitcoin's Relative Strength Index (RSI) stands at 34, edging closer to the traditional oversold threshold of 30. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator remains negative, underscoring weak buying momentum.
Key performance metrics across major assets include:
- Bitcoin (BTC): Down over 2.5% weekly, trading near $77,477, with key support at the 200-day EMA of $76,423.
- Ethereum (ETH): Down over 4% this week, slipping below $2,215.
- XRP: Down over 5% this week, falling under $1.230 even as historical trends previously showed periods where XRP buying pressure hit multi-month highs.
Why It Matters
A four-week losing streak marks a prolonged consolidation phase following early October peaks, testing buyer conviction across top digital assets. The narrow range between the 100-day EMA at $77,814 and the 200-day EMA at $76,423 represents a critical line of defense; failing to hold the 200-day average could trigger broader liquidations. Traders will be watching closely to see if an RSI reading near oversold territory prompts a corrective bounce or if technical resistance at $80,585 continues to cap upside attempts.
