Bitcoin tests key support as BTC faces fourth weekly loss

Key takeaways

• Bitcoin, Ethereum and XRP are heading toward a fourth consecutive week of declines.
• BTC is down more than 2.5% this week, while ETH and XRP have lost over 4% and 5%, respectively.
• Bitcoin trades around $77,900, just above its 100-day EMA at $77,814.

Major cryptocurrencies extend October declines

Bitcoin, Ethereum, and XRP remained under pressure on Friday, putting all three on course for a fourth consecutive weekly loss since early October.

Bitcoin has declined more than 2.5% so far this week. Ethereum and XRP have fallen over 4% and 5%, respectively, highlighting continued weakness across major digital assets.

ETH slipped below $2,215, while XRP traded under $1.230. Bitcoin hovered around $77,477, leaving buyers facing an important test of longer-term support.

Bitcoin falls below its 100-Day Moving Average

Bitcoin’s near-term technical outlook weakened after it briefly slipped below the 100-day Exponential Moving Average at approximately $77,814.

That level now represents the first resistance buyers need to reclaim. Above it, the 50-day EMA near $80,585 presents another obstacle, followed by the horizontal barrier at $85,000.

A recovery above $77,814 would ease immediate selling pressure and improve the prospect of consolidation within the recent range. However, a more sustained rebound would require Bitcoin to overcome the higher resistance levels.

For now, its position below the shorter moving averages keeps recovery attempts vulnerable.

Bitcoin remains just above its 200-day EMA at $76,423, which provides the next significant technical support.

Holding that average would preserve an important element of the broader upward structure despite the ongoing correction.

A sustained break below it would weaken that structure and increase the risk of a deeper pullback.

The reaction around $76,423 could therefore help determine whether Bitcoin stabilizes or extends its October decline.

Bitcoin’s Relative Strength Index stands at 34, approaching the conventional oversold threshold of 30.

The reading indicates persistent selling pressure. Although stretched momentum can precede a corrective bounce, proximity to oversold territory does not establish that a reversal is underway.

The Moving Average Convergence Divergence indicator also remains negative, reinforcing the cautious near-term outlook.

With momentum still weak, buyers need to defend the 200-day EMA and reclaim the 100-day average to show that immediate downside pressure is easing.