Bitcoin Tests $76,423 Support as Fourth Weekly Loss Looms
Bitcoin, Ethereum and XRP are on track for a fourth consecutive weekly loss as October’s crypto market weakness continues. Bitcoin is down more than 2.5% this week, while Ethereum and XRP have fallen over 4% and 5%, respectively. Bitcoin has traded around $77,500–$77,900, briefly slipping below its 100-day EMA near $77,814. Reclaiming that level is an immediate hurdle for buyers; further resistance sits near $80,585 and $85,000.
The key downside level is Bitcoin’s 200-day EMA at about $76,423. Holding it could help preserve the broader upward structure, while a sustained break below it may expose Bitcoin to a deeper pullback. The RSI is 34, near the oversold threshold, and MACD remains negative. These indicators point to persistent selling pressure, though oversold conditions alone do not confirm a reversal. Ethereum fell below $2,215 and XRP traded under $1.230.
Bearish
The near-term setup is bearish: all three assets are heading for a fourth consecutive weekly decline, and Bitcoin is trading around or below its 100-day EMA. Bitcoin’s RSI at 34 and negative MACD confirm weak momentum, although the RSI is not yet below the conventional oversold threshold. Traders may therefore remain cautious, reduce risk, or wait for confirmation before buying a dip.
Bitcoin’s 200-day EMA near $76,423 is the main level to watch. A hold could attract support buyers and prompt a short-term relief bounce, particularly if BTC reclaims $77,814. A sustained break below the 200-day average, by contrast, could trigger stop-losses and deepen selling across major cryptocurrencies. This resembles past market corrections in which moving-average breaks increased volatility, while oversold readings sometimes preceded rebounds but did not guarantee a durable reversal.
In the longer term, the article describes a technical test rather than a change in fundamentals. Stabilization above the 200-day EMA and a recovery through resistance would improve the outlook; continued weakness below support would raise the risk of a broader pullback. Traders should watch Bitcoin’s support and resistance levels alongside momentum and the price action of ETH and XRP.