Bitcoin price risks $74K drop as 50-week EMA faces test

Bitcoin price extended its pullback toward $77,000 as rising oil prices, stubborn US inflation and higher Treasury yields reduced demand for risk assets. Technical charts now place $BTC near a major weekly support level, while short-term momentum remains bearish.

Bitcoin price action today

According to data from crypto.news, Bitcoin ($BTC) price traded near $76,800 at the time of writing, down from a 4-hour opening price of $77,230. The token reached $77,500 before sellers pushed it to a session low of $76,800.

The latest move extended a decline from the Sept. 4 local high near $82,280. Bitcoin has since formed a series of lower highs and lost the short-term support zone between $78,000 and $78,200.

The daily chart showed a small intraday recovery from a low of $76,563, but $BTC remained below its 20-day simple moving average at $78,601. A daily close below that average would keep short-term control with sellers.

Bitcoin still traded above its longer moving averages. The 50-day SMA stood at $70,673, the 200-day SMA at $70,058, and the 100-day SMA at $66,915. The arrangement keeps the broader recovery structure intact even as the latest rally loses momentum.

Chaikin Money Flow remained slightly positive at 0.02. However, the indicator fell sharply from its early September high, showing that buying pressure weakened during the retreat from $82,000.