Bitcoin ($BTC), Ethereum ($ETH) and $XRP remained under pressure on Friday as the broader cryptocurrency market extended its weekly decline.
Bitcoin has lost more than 4% this week and trades below $77,000, while Ethereum and $XRP have fallen approximately 2.5% and 5%.
$ETH recently faced rejection at a major resistance level, while $XRP’s break below its 200-day exponential moving average points to a weakening near-term outlook.
Despite Bitcoin’s pullback, its position above several important moving averages suggests that the broader bullish trend remains intact.
Bitcoin price drops more than 4% this week
Bitcoin is trading around $77,150 on Friday after briefly dropping below the $77,000 level, shedding more than 4% since the beginning of the week.
The decline reflects a wider correction across the cryptocurrency market, with major altcoins also facing sustained selling pressure.
However, $BTC continues to consolidate comfortably above its key exponential moving averages, preserving its constructive medium-term technical structure.
The token’s ability to defend these indicators will likely determine whether the current move remains a routine correction or develops into a deeper decline.
$BTC moving averages form support near $72,900
Bitcoin’s 50-day and 200-day EMAs are tightly clustered below the current price, creating a potentially significant support zone.
The 50-day EMA stands near $72,869, while the 200-day EMA is positioned around $72,935. The close alignment of these two indicators could attract buyers if $BTC extends its pullback.
Below this area, the 100-day EMA provides another technical floor at approximately $70,820.
As long as Bitcoin remains above these moving averages, the broader uptrend can be considered intact despite the recent losses.
Bitcoin’s Relative Strength Index has declined to approximately 54, showing that momentum has normalized following its earlier advance.
The reading remains above the neutral level of 50, indicating that buyers retain a slight advantage.
However, the Moving Average Convergence Divergence indicator remains deeply negative, highlighting persistent weakness in short-term momentum.
These signals suggest that any recovery may unfold gradually rather than through an aggressive breakout. Bitcoin could continue consolidating while buyers attempt to rebuild momentum.
If Bitcoin rebounds from its current levels, the next significant resistance sits near $85,000.
This horizontal barrier could attract profit-taking and test the strength of bullish demand. A decisive close above $85,000 would strengthen Bitcoin’s technical outlook and signal that the broader rally is ready to resume.
Until then, the negative MACD reading could limit upside attempts and keep $BTC trading within a corrective range.
Bitcoin’s initial downside support lies between $72,800 and $72,900, where the 50-day and 200-day EMAs converge.
A decisive break below this zone would shift attention to the 100-day EMA near $70,820. Losing that support would weaken the broader bullish structure and could expose Bitcoin to a deeper correction.
The next major horizontal supports would then sit around $66,500 and $62,300, where stronger dip-buying demand could emerge.