Bitcoin (BTC) dropped below $77,000 in recent trading, signaling short-term weakness across the broader crypto market. On-chain analytics firm Glassnode highlighted the $78,300 level as a critical historical boundary between bull and bear phases. Losing that support could indicate the recent rally was merely a temporary peak.
Analyst: Weekly Close Above $88K Needed for Trend Reversal
Independent analyst Filbfilb noted that in the last two bear markets, weekly gains exceeding 20% alongside a break of the "super trend" resistance preceded a shift back to a bull cycle. For Bitcoin to enter a sustained uptrend, it needs a decisive weekly close above $88,000. Recent sharp declines in the Coinbase premium suggest institutional investors may be taking profits. Nick Ruck, Research Director at LVRG, believes large-scale investor selling could add short-term downward pressure across the crypto market.
Ethereum (ETH) remains below its 20-day moving average as bulls struggle to halt losses. A recovery requires a daily close above this average. If ETH falls below $2,077, the drop could extend to $1,916; a bullish reversal could target $2,465. Binance Coin (BNB) climbed above its 20-day moving average, approaching resistance at $687. If sellers fail to hold that level, BNB could rise to $730 or even $790; a fall below $631 could trap it in the $570–$687 range. XRP is trading below its moving averages, with sellers aiming for a break below $1.27. A breakdown could lead to $1.11; holding above the downtrend line may signal a new rally.
Key Levels for Solana, Dogecoin, and Others
Solana (SOL) faced resistance near its 20-day moving average at around $87.83, halting its recovery. A break above $98 could spark a fresh rally; failure opens the door to a potential drop to $76. Dogecoin (DOGE) bounced from its 50-day moving average at $0.10, but encountered strong resistance near $0.11. A daily close above $0.12 could bring the $0.14–$0.16 range back into focus; main support remains at $0.09. Cardano (ADA) continues to hover below its moving averages. Buyers remain active, but if support at $0.24 fails, ADA could slide to $0.22.
Trending Tokens: Hyperliquid Hits ATH, Zcash and BCH Under Pressure
Hyperliquid (HYPE) reached a new all-time high of $62.65 on Thursday. Sellers are defending $59.41; a pullback to $53.29 could indicate profit-taking. A strong breakout would target $77. Zcash (ZEC) lost momentum after topping resistance at $643. Negative RSI divergence suggests increasing selling pressure. A close below $643 could accelerate a drop toward $547; staying above $690 may open a path to $750. Bitcoin Cash (BCH) failed to extend its rebound from $375. If the price cannot stabilize above $393, fresh selling could push BCH below $348 and potentially down to $300. However, a close above $414 could end the recent downtrend, at least in the short term.