Bitcoin price extended its decline below $75,000. BTC is now attempting to 
recover from $72,850 but faces many hurdles near $76,500. Bitcoin is 
attempting to recover above $74,000 and $75,000. The price is trading below 
$79,000 and the 100 hourly simple moving average. There is a bearish trend 
line forming with resistance at $77,200 on the hourly chart of the BTC/USD 
pair (data feed from Kraken). The pair might dip again if it trades below the 
$75,000 and $74,000 levels. Bitcoin Price Faces Hurdles Bitcoin price failed 
to remain stable above the $76,000 zone. BTC extended its decline below the 
$75,000 and $74,000 levels. The bears were able to push the price below 
$73,500. A low was formed at $72,865, and the price is now attempting to 
recover. There was a move above $75,000. The price surpassed the 50% Fib 
retracement level of the downward move from the $79,120 swing high to the 
$72,865 low. However, the bears are active near $77,000 and the 61.8% Fib 
retracement level of the downward move from the $79,120 swing high to the 
$72,865 low. Bitcoin is now trading below $77,000 and the 100 hourly simple 
moving average. If the price remains stable above $75,000, it could attempt a 
fresh increase. Immediate resistance is near the $76,750 level. The first key 
resistance is near the $77,000 level. There is also a bearish trend line 
forming with resistance at $77,200 on the hourly chart of the BTC/USD pair. A 
close above the $77,200 resistance might send the price further higher. In the 
stated case, the price could rise and test the $78,500 resistance. Any more 
gains might send the price toward the $79,000 level. The next barrier for the 
bulls could be $80,000 and $80,500. Another Decline In BTC? If Bitcoin fails 
to rise above the $77,200 resistance zone, it could start another decline. 
Immediate support is near the $75,000 level. The first major support is near 
the $74,000 level. The next support is now near the $72,850 zone. Any more 
losses might send the price toward the $71,500 support in the near term. The 
main support sits at $70,000, below which BTC might struggle to recover in the 
near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in 
the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD 
is now below the 50 level. Major Support Levels – $75,000, followed by 
$74,000. Major Resistance Levels – $76,750 and $77,200.

Bitcoin Price Bounce Looks Hollow, Downtrend May Resume

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mining stocks managed to post mixed-to-positive daily performances even as 
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Publicly Traded Miners Buck the Tape as Bitcoin’s Price Wobbles

Bitcoin continues to trade below the $80,000 level as the market remains under 
sustained selling pressure and heightened uncertainty. Recent price action 
reflects a fragile environment in which downside moves are met with limited 
conviction from buyers, while broader risk sentiment across crypto stays 
defensive. As volatility persists, analysts are increasingly focused on on- 
chain indicators to assess whether the market is approaching exhaustion—or if 
further downside still lies ahead. Related Reading: Ethereum Experiences Broad 
Long Squeeze Across Derivatives Exchanges: Can Bulls Hold $2,300? A new report 
from CryptoQuant highlights a notable deterioration in holder profitability 
through the Spent Output Profit Ratio (SOPR), which has fallen to its lowest 
levels of the past year. The SOPR measures whether coins being spent are 
moving at a profit or a loss, offering insight into the behavior of different 
investor cohorts during periods of stress. One key observation is the 
convergence between long-term holders (LTHs) and short-term holders (STHs). 
The SOPR ratio has dropped sharply toward the critical 1.0 level, indicating 
that long-term holders are realizing significantly less profit than before—or 
are choosing to stop selling altogether at current prices. This behavior 
suggests a growing reluctance to distribute coins into weakness, even as 
short-term participants continue to face losses. With Bitcoin still below key 
psychological levels, the evolution of SOPR will be closely watched. Whether 
this shift marks early stabilization or simply a pause before deeper 
capitulation remains an open question for the weeks ahead. SOPR Signals 
Selling Exhaustion, Not Capitulation The report adds that Bitcoin’s recent 
price action closely mirrors the deterioration seen in SOPR. The price (black 
line) has reached a local low near $77,900. Aligning with the sharp drop in 
the ratio toward its lowest levels of the past year. This synchronization 
suggests that realized selling pressure has intensified alongside the decline 
in profitability, reinforcing the view that the market has moved into a stress 
phase rather than a routine pullback. From a sentiment perspective, 
historically depressed SOPR readings have often coincided with moments when 
so-called “smart money” reduces selling activity. When coins are no longer 
being spent at a meaningful profit, long-term holders tend to step back, 
allowing selling pressure to subside. In past cycles, similar conditions have 
preceded periods of accumulation or the formation of local market floors. 
Although timing has varied widely. Two scenarios now stand out. If the SOPR 
stabilizes around the 1.0 level, it would suggest that heavy distribution from 
long-term investors is largely exhausted. Creating room for a relief bounce as 
marginal demand returns. Alternatively, the steep, momentum-driven drop in 
price increases the likelihood of extended sideways consolidation, as the 
market digests recent volatility before establishing a clearer trend. In 
summary, the data points to a flush market. With SOPR at yearly lows, weaker 
hands appear to have exited, shifting the balance toward longer-term value 
considerations over short-term fear. Related Reading: Bitcoin Bear Market 
Signal Emerges: Supply in Loss Rises Above 40% Bitcoin Struggles Below Key 
Averages Bitcoin’s weekly chart highlights a market under sustained pressure, 
despite a modest rebound off recent lows. Price is currently hovering around 
the $78,000 area after briefly dipping toward the mid-$70,000s, a zone that 
has acted as an important short-term demand pocket. This bounce, however, has 
so far lacked follow-through and does not yet signal a structural trend 
reversal. From a technical perspective, Bitcoin remains below its major moving 
averages. The price is trading well under the 100-day and 200-day averages, 
both of which are now sloping downward. This configuration reinforces the 
broader bearish bias and suggests that rallies are still being sold into 
rather than accumulated aggressively. The prior support region between $85,000 
and $90,000 has clearly flipped into resistance. Confirming a change in market 
structure compared to late 2025. Related Reading: Bitcoin Miner Fees Remain 
Near Cycle Lows: What Does This Signal? The sell-off into the $74,000–$76,000 
range was accompanied by elevated volume. The subsequent rebound has occurred 
on comparatively lighter participation. This divergence implies short-covering 
or tactical buying rather than renewed conviction from longer-term investors. 
Structurally, Bitcoin appears to be transitioning from a distribution phase 
into a consolidation or corrective regime. As long as the price remains below 
reclaimed resistance and fails to regain key moving averages, downside risks 
remain active. Featured image from ChatGPT, chart from TradingView.com

Bitcoin LTH Profit-Taking Collapses: Is Smart Money Done Selling?

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