Bitcoin has been facing intense selling pressure, opening the doors for a fall to the crucial support at $73,777. Several major altcoins have slipped below their support levels, indicating that bears remain in firm control. Bitcoin ( BTC ) attempted a recovery on Friday, but the bears continued to exert pressure, bringing the price as low as $80,000 at Binance. The sentiment remains weak as US stock markets deepened their correction this week amid concerns about excessive valuations in the artificial intelligence sector.
Additionally, expectations of a December rate cut by the Federal Reserve have dropped to 33.1% from 98.1% on Oct. 21, according to the CME FedWatch Tool. Bitwise European head of research André Dragosch said in a post on X that BTC is likely to bottom out in the zone between BlackRock’s IBIT cost-basis of $84,000 and Strategy’s cost-basis near $73,000. The next major support on the downside is at $73,777. Buyers are expected to defend the $73,777 level with all their might, as a break below it opens the gates for a collapse to $53,500. The oversold levels on the RSI indicate a potential relief rally in the near term. That could push the BTCUSDT pair to the 20-day exponential moving average (EMA) around $97,319.
Ether ( ETH ) closed below the $3,000 level on Thursday, clearing the path for a collapse to $2,500. The fall has pushed the RSI into the oversold zone, signaling that a relief rally is possible in the near term. If the Ether price turns up from the current level or rebounds off $2,500, the ETHUSDT pair could reach the breakdown level of $3,350. Conversely, a shallow bounce off $2,500 suggests weak demand from the bulls, increasing the risk of the continuation of the downward trend to around $2,111.
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