- Price Analysis: Bitcoin Price Decline as Selling Pressure Overcomes Demand:

Bitcoin is trading around $77,000, settling below the 200-day exponential moving average at $81,804 and below a broader bearish trendline, maintaining a bearish bias in the short term despite the price holding the upper boundary of its recent range.

The pair remains above the 50-day and 100-day exponential moving averages, clustered around $76,736 and $76,868, but the negative MACD (Moving Average Convergence Divergence) on the daily chart and the Relative Strength Index (RSI) near 45 indicate that bullish momentum is waning while the broader correction phase from recent highs remains in place.

Daily chart of the BTC/USDT pair

In an uptrend, the 200-day exponential moving average at $81,804 represents the initial resistance level, as this downward trendline reinforces the broader resistance as long as it stays above the market level. In a downtrend, immediate support is observed at the 100-day exponential moving average at $76,868, followed directly by the 50-day exponential moving average near $76,736. A sustained break below this moving range is likely to open the door for further decline, while a recovery toward the 200-day exponential moving average is necessary to ease the current bearish pressure.
$BTC