The price of Bitcoin (BTC) has fallen below the 77,000 USD level, signaling that bears are attempting to take control of the market. According to Glassnode analysts, the 78,300 USD level has historically acted as a threshold between bull and bear markets. If the price remains sharply below this level, the recent rally could be a temporary peak in the current bear market. This is reported by Cointelegraph.com .
A sharp decline in the Coinbase premium indicator suggests that sales are being executed by institutional investors and large holders. Nick Ruck, Director of Research at LVRG, noted that this situation could negatively impact the growth dynamics of major crypto assets in the near term. Market participants are currently closely monitoring the next price movements.
Independent analyst Filbfilb believes that for Bitcoin to end its bearish trend, it must rise above the super trend line at 88,000 USD. According to technical analysis, the 76,000 USD level is the most critical support point. If the price closes below this line, the risk of a decline increases further, and buyers may only become active at lower levels.
In the Ethereum (ETH) market, sellers are also trying to keep the price below the support line. For bulls to regain the initiative, they must push the ETH price above the moving averages. If this occurs, the ETH/USDT pair is expected to move toward resistance levels of 2,465 USD and higher.
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