Bitcoin tests key support as BTC faces fourth weekly loss

Key takeaways

• Bitcoin, Ethereum, and XRP are heading toward their fourth straight week of declines.
• This week, BTC is down over 2.5%, while ETH and XRP have dropped by more than 4% and 5%, respectively.
• Bitcoin is trading around $77,900, remaining slightly above its 100-day EMA at $77,814.

Major cryptocurrencies extend October declines

Persistent selling pressure on Friday kept Bitcoin, Ethereum, and XRP on course for a fourth consecutive weekly loss since early October.

Highlighting ongoing weakness across the top digital assets, Bitcoin has dropped over 2.5% this week, while Ethereum and XRP have fallen more than 4% and 5%, respectively.

Ethereum slid under $2,215, XRP traded below $1.230, and Bitcoin hovered near $77,477, leaving buyers to face a key test of longer-term support.

Bitcoin falls below its 100-Day Moving Average

Bitcoin’s short-term technical landscape weakened after the asset briefly dipped below its 100-day Exponential Moving Average at approximately $77,814.

That price point now marks the initial resistance buyers must reclaim. Beyond it, the 50-day EMA near $80,585 stands as the next barrier, followed by horizontal resistance at $85,000.

Rebuilding above $77,814 would reduce immediate sell-side momentum and raise the chances of price stabilization within the recent range. However, a stronger bounce would require Bitcoin to clear those higher resistance hurdles.

For now, trading below the shorter-term moving averages leaves recovery attempts susceptible to renewed pressure.

Bitcoin sits just above its 200-day EMA at $76,423, which acts as the next major technical support level.

Holding this average would keep a key component of the broader macro uptrend intact despite the ongoing pullback.

A decisive break beneath it, however, would damage that higher-timeframe structure and raise the likelihood of a deeper correction.

As a result, price action near $76,423 could prove decisive in determining whether Bitcoin stabilizes or continues its downturn from October.

Meanwhile, Bitcoin’s Relative Strength Index is at 34, approaching the standard oversold threshold of 30.

The reading underlines persistent downside momentum. Although stretched conditions can trigger a temporary relief bounce, approaching oversold territory does not ensure a trend reversal.

The Moving Average Convergence Divergence indicator also remains negative, confirming the cautious short-term outlook.

With momentum subdued, buyers must protect the 200-day EMA and recover the 100-day average to signal that immediate selling pressure is subsiding.