Bitcoin slides toward $77,000 as weekly EMA test looms

Bitcoin (BTC) traded near $76,800, down from a 4‑hour opening of $77,230, extending a pullback that began after the September 4 high of about $82,280. The move erased short‑term support between $78,000 and $78,200 and left the token below its 20‑day simple moving average (SMA) of $78,601.

Technical outlook

On the 4‑hour chart, the Supertrend indicator turned bearish and the Relative Strength Index fell to 34.25, indicating weak momentum and approaching oversold levels. Immediate support is identified between $76,000 and $76,500, with a deeper zone near $75,000 if the price breaks lower. The weekly 50‑week exponential moving average (EMA) sits around $77,000; a weekly close below this level could open a path toward the $72,000‑$74,000 range.

Macro pressures

Higher US Treasury yields, nearing 5% on the 10‑year, and rising oil prices—Brent above $100 per barrel—have reduced demand for risk assets. US wholesale prices rose 0.4% in August and 5.4% year‑over‑year, fueling expectations of a Federal Reserve rate hike, with futures pricing a roughly 67% chance of an increase on September 11.

Liquidity and market sentiment

Liquidation heatmaps show clustered leveraged positions around $80,000 and $80,600, suggesting potential price action toward those levels if Bitcoin recovers. Funding rates in perpetual futures have begun turning negative, meaning short traders are paying longs.

What traders watch

• Holding above the 50‑week EMA ($77,000) could allow another attempt at $80,000.
• A close below the EMA may trigger a move toward $72,000‑$74,000.
• Breaking below $76,000 could expose $75,000 and further downside.
• Reclaiming $78,000 might force short liquidation near $80,000, adding upward momentum.