Bitcoin hovers near support as weekly losses mount

Main highlights

• Bitcoin, Ethereum and XRP are on track for a fourth straight week of losses.
• Bitcoin has dropped over 2.5% this week, while Ethereum and XRP are down more than 4% and 5%, respectively.
• Bitcoin is trading near $77,900, slightly above its 100-day exponential moving average of $77,814.

Digital currencies continue October downtrend

On Friday, Bitcoin, Ethereum and XRP stayed under selling pressure, marking a potential fourth weekly decline in a row since the start of October.

Bitcoin has lost over 2.5% this week. Ethereum and XRP have each dropped more than 4% and 5%, reflecting sustained weakness among top cryptocurrencies.

Ethereum fell beneath $2,215, and XRP traded below $1.230. Bitcoin was around $77,477, placing buyers at a critical test of long-term support levels.

Bitcoin dips under 100-day moving average

The short-term technical picture for Bitcoin grew weaker after it temporarily dropped under the 100-day exponential moving average near $77,814.

That price now acts as the initial resistance that buyers must regain. Beyond that, the 50-day EMA around $80,585 provides another hurdle, with the $85,000 level further above.

If Bitcoin can climb back above $77,814, near-term selling pressure would lessen and the chance of range-bound trading would increase. But a lasting recovery would need Bitcoin to push through the higher resistance points.

Currently, staying under the shorter-term averages leaves any bounce attempts fragile.

Bitcoin is still slightly above its 200-day EMA of $76,423, which serves as the next major support level.

Defending that moving average would maintain a key part of the larger uptrend even during the current pullback.

A prolonged drop below it would undermine that structure and raise the chance of a steeper decline.

The price response near $76,423 may therefore decide if Bitcoin steadies or continues its October slide.

Bitcoin's RSI is at 34, nearing the usual oversold level of 30.

This reading points to ongoing selling. While extreme momentum sometimes leads to a bounce, being close to oversold does not confirm a trend change.

The MACD indicator remains negative as well, supporting the guarded short-term view.

Given the weak momentum, buyers must protect the 200-day EMA and recapture the 100-day moving average to indicate that downward pressure is fading.