Bitcoin Tests Key Moving Average Support Amid Fourth Consecutive Weekly Decline
Key Summary
Bitcoin declined 2.5% to $77,477 on Friday morning, heading toward its fourth straight weekly loss as persistent selling pressure and thin liquidity test critical technical floors across major spot exchanges.
Key Bullets
- Bitcoin dropped 2.5% to $77,477, heading toward its fourth consecutive weekly loss.
- The asset trades below its 100-day EMA at $77,814, with the 200-day EMA at $76,423 serving as the final structural floor.
- Daily RSI readings hit 34 while MACD indicators remain negative, reflecting persistent sell-side dominance and thin order-book depth.
Persistent Selling Pressure Sweeps Markets
Bitcoin dropped 2.5% during Friday morning trading sessions, sliding to $77,477 and putting the flagship digital asset on track for its fourth consecutive weekly decline. Exchange order-book metrics monitored by derivatives desks showed persistent selling pressure dragging Ethereum down over 4% below $2,215.
XRP extended losses beyond 5% to trade under $1.230 following recent macroeconomic rate decisions by the Federal Reserve. Traders across major spot venues faced mounting downward momentum throughout the week as October liquidity pools continued to shrink and leveraged long positions unwound.
Technical Charts Test Critical Support
Technical charts confirm Bitcoin slipped below its 100-day EMA situated at $77,814. That specific moving average now forms the primary barrier buyers must reclaim to halt the current downward slide. Above that threshold, the 50-day EMA sits at $80,585 as immediate overhead resistance.
Spot market participants are actively monitoring the 200-day EMA at $76,423 as the final structural floor. A daily close below that key metric would trigger accelerated liquidations across margin accounts and invite deeper corrections across the broader digital asset sector.
Momentum Indicators Flash Oversold Warnings
The daily RSI fell to 34, nearing the 30 oversold boundary and reflecting mounting bearish control. MACD readings remained firmly negative, signaling a distinct lack of institutional bid support across major execution venues during the late-week session.
Volume profiles across primary spot exchanges indicated limited buying interest at current price tiers. Order-book depth remained thin between current spot levels and the $76,423 floor, increasing downside risk should macro headwinds persist through the weekend.
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