Selling pressure began to be felt in the cryptocurrency market as Bitcoin fell below the $ 77,000 level. This downward movement in the market indicates that the bears may take control, especially in the short term.
Critical support and resistances for Bitcoin
As Bitcoin tests below $77,000, the general trend in the market indicates a short-term weakening. Blockchain analysis platform Glassnode pointed out that the $78,300 level has formed an important threshold between bull and bear markets in the past. If BTC loses its support here, it is considered that the recent rise may be a temporary peak.
On the other hand, independent analyst Filbfilb stated that the transition to the bull market took place with the weekly increase of over 20 percent in the last two bear markets and the weekly “super trend” resistance being overcome. According to him, it is critical for the BTC price to exceed the $ 88,000 level for a permanent rise.
According to Filbfilb’s analysis, the most important condition for Bitcoin to start a new bull movement will be a clear upward transition of the super trend at the weekly close.
The sharp declines in Coinbase premium in recent days indicate that institutional investors are turning to profit taking. LVRG Research Director Nick Ruck stated that sales by large investors could increase price pressure across crypto in the short term.
Mini dictionary: Coinbase premium is defined as the difference in the price of Bitcoin on the Coinbase exchange relative to other major platforms and gives an important signal about interest or selling pressure from institutional investors.
Mixed trend in altcoins
Investments in the market are seeking direction not only in Bitcoin but also in major altcoins. As Ethereum price continues to stay below the 20-day average, bulls are trying to stem the bleeding. In order for the ETH price to recover again, it will first need to achieve a daily close above the average. If there is a break below $2,077, a decline towards $1,916 may be possible. In the opposite scenario, it is predicted that the price may target $ 2,465.
Binance Coin (BNB) exceeded its 20-day average in the last rise and approached the $687 resistance. Even though the sellers defend this level, a strong rise could extend to $730 and then $790. However, if the BNB price slides below $631, it is expected to move in the $570–687 band for a while.
XRP, on the other hand, still continues its course below the moving averages. Sellers are trying to push the price below $1.27. If this support is broken, there may be a withdrawal to $1.11. On the other hand, if the price persists above the downward trend line, it may herald a new rise.
| Coin | Critical Support | Critical Resistance | Appearance |
|---|---|---|---|
| Bitcoin (BTC) | $76,000 | $88,000 | Weak |
| Ethereum (ETH) | $2,077 | $2,465 | Wavy |
| BNB | $631 | $687 | recovery attempt |
| XRP | $1.27 | $1.61 | Under pressure |
Solana, Dogecoin and other biggies
In its attempt to rise, Solana got stuck at the 20-day average at $87.83. If it rises above $98, a new recovery may begin, otherwise there is a risk of falling to $76.
On the Dogecoin side, the price reacted to the 50-day average of $0.10, but encountered strong resistance around $0.11. If closings above $0.12 occur as required, the $0.14–0.16 levels will come to the fore again in the medium term. The $0.09 level is important as support.
On the Cardano front, the price continues to hover just below the moving averages. Even if the buyers do not give up, if the $0.24 support is broken, the price may fall even lower, to $0.22.
The latest situation in Gözde tokens
Hyperliquid (HYPE), another strong name on the list, reached a new record high of $62.65 on Thursday. Sellers continue to defend $59.41 downwards. A decline in the HYPE price to $53.29 may indicate that short-term investors are making profits. In case of strong upward breaks, $77 stands out as the target.
Zcash (ZEC) seems to have lost momentum after surpassing the $643 resistance. Negative divergence in the RSI also indicates that selling pressure may increase. If there is a close below $643, the decline towards the $547 support may accelerate. Conversely, a move above the $690 level will make $750 the target.
Bitcoin Cash (BCH) could not gain strength from the recovery that started at the $ 375 level. If the price cannot hold at $393, there may be new sales below $348, up to $300. However, if BCH price closes above $414, this negative outlook will lose its validity in the short term.
