Bitcoin is heading for a fourth consecutive weekly loss and trades just above its 200-day EMA at $76,423. Buyers need to hold that level and reclaim the 100-day average to show selling pressure is easing.
Bitcoin, Ethereum and XRP remained under pressure on Friday, putting all three on course for a fourth consecutive weekly loss since early October. Bitcoin has declined more than 2.5% this week, while Ethereum and XRP have fallen over 4% and 5%, respectively.
Hovering around $77,477, Bitcoin leaves buyers facing an important test of longer-term support. Ethereum slipped below $2,215, and XRP traded under $1.230.
Bitcoin slips below its 100-day average
Bitcoin's near-term technical outlook weakened after it briefly slipped below the 100-day Exponential Moving Average at approximately $77,814. That level is now the first resistance buyers need to reclaim.
Above it, the 50-day EMA near $80,585 presents another obstacle, followed by the horizontal barrier at $85,000. A recovery above $77,814 would ease immediate selling pressure, but a more sustained rebound would require Bitcoin to overcome the higher levels.
The 200-day EMA is the next support
Bitcoin remains just above its 200-day EMA at $76,423, the next significant technical support. Holding that average would preserve an important element of the broader upward structure despite the ongoing correction, while a sustained break below it would weaken that structure and increase the risk of a deeper pullback.
Momentum indicators lean the same way. Bitcoin's Relative Strength Index stands at 34, approaching the conventional oversold threshold of 30. Stretched momentum can precede a corrective bounce, but proximity to oversold territory does not establish that a reversal is underway.
The MACD indicator also remains negative, reinforcing the cautious near-term outlook. The reaction around $76,423 could therefore help determine whether Bitcoin stabilizes or extends its October decline.
Source: CoinJournal
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