Bitcoin drops under $77,000; $88,000 weekly level eyed

Bitcoin fell below $77,000 on Thursday as selling increased across spot markets. On-chain measures and widening exchange price spreads pointed to selling by large holders and a cautious short-term market tone.

Glassnode data places a “true market mean” at $78,300, a level that has separated prior bear and bull phases. The 20-day exponential moving average is near $78,280 and has acted as short-term resistance. Traders identified $76,000 as a key support level; a close below that level would give bears greater technical advantage.

Independent analyst Filbfilb wrote that previous bear markets ended only after “a >+20% weekly candle and a break of the weekly super trend,” which places the weekly supertrend level near $88,000 for Bitcoin.

Exchange flows and price spreads showed weakening demand from large accounts. LVRG research director Nick Ruck noted the decline in the Coinbase premium, describing that pattern as reflecting selling by big investors and saying it may weigh on near-term price momentum across major crypto assets.

Ether remained below its moving averages and faced resistance at the 20-day EMA. Analysts said a move above the averages would open targets at $2,465 and the resistance line of an ascending channel, while a drop below $2,077 could reopen the path to $1,916.

BNB rose above its 20-day EMA around $650 and tested resistance near $687. Market watchers said a sustained break above $687 would point to $730 and $790, while a fall under the 50-day simple moving average near $631 could trap BNB inside a $570 to $687 range.

XRP traded below its moving averages and risked slipping under $1.27, with $1.11 cited as the next support if that level failed. Solana’s relief bounce stalled at the 20-day EMA near $87.83; a move above $98 was identified as the next resistance at $117, while a break below $82.65 would increase the chance of a decline to $76.

Dogecoin recovered from its 50-day SMA at $0.10 but met resistance at the 20-day EMA near $0.11. A clear break above $0.12 would open targets at $0.14 and $0.16, while a fall below the 50-day SMA would put $0.09 in focus.

Smaller tokens diverged. Hyperliquid reached a new high at $62.65 and met selling pressure around $59.41; the 38.2% Fibonacci retracement at $53.29 and the 50% retracement at $50.41 were cited as support levels. Cardano sat just below its moving averages, with the 20-day EMA at $0.25 and potential resistance at $0.31. Zcash moved above $643 but showed weakening momentum, and Bitcoin Cash traded above a prior breakdown level at $375 with resistance near $393 and downside risk to $348 and $300 if sellers returned.

Traders said they will watch whether Bitcoin can reclaim the 20-day EMA and the weekly supertrend near $88,000. Market participants continue to monitor on-chain signals and exchange premiums for indications of larger account activity and short-term price direction.