Bitcoin is currently under strong bearish pressure, trading around $77,400, after facing a sharp rejection from the $97,900–$98,000 zone. This area acted as a major distribution and profit-taking zone, where large players started unloading positions, triggering a market-wide correction.

From a technical perspective, $BTC has clearly broken below all key EMAs (7, 25, and 99) on the daily timeframe. The EMA alignment is now fully bearish, indicating that short-term momentum, mid-term trend, and long-term structure are all pointing downward. The strong red candles with minimal wicks confirm aggressive selling pressure, not just a healthy pullback.

🔍 Key Factors Behind the Drop

1️⃣ Trend Reversal Confirmation

BTC formed a lower high near $97,924, followed by consecutive lower lows, confirming a bearish market structure. Once price lost the $84k–$82k support zone, stop-loss cascades accelerated the downside move.

2️⃣ Liquidity Sweep & Stop Hunts

The sharp move toward $75,700 appears to be a liquidity grab, where smart money targeted retail stop-losses placed below key psychological levels. Such moves often happen before either consolidation or a temporary bounce.

3️⃣ Weak Buyer Demand

Volume data shows buyers failing to step in aggressively, meaning dip-buyers are cautious. This signals uncertainty and lack of confidence in immediate recovery.

4️⃣ Market Sentiment Shift

Short-term sentiment has turned bearish after weeks of distribution. Many traders are now waiting for clear confirmation or deeper discounts before re-entering.

📊 Important Levels to Watch

Support:

$75,700 (major demand zone)

$74,500 (last strong structure support)

Resistance:

$82,000 – $84,000 (previous support turned resistance)

$89,000 (EMA resistance zone)

🧠 What This Means Going Forward

As long as BTC stays below the $84k–$89k range, the market remains bearish to sideways. A strong recovery would require high volume reclaim above key EMAs, otherwise price may continue consolidating or retest lower supports before forming a sustainable base.

⚠️ This move is a correction within a larger market cycle, not panic selling — but patience is key.

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