Bitcoin Treads Water Near $78K as Short-Term Bearish Pressure Mounts

Bitcoin's price has been hovering around $78,000 for several days, showing signs of short-term bearish pressure. Despite this, the cryptocurrency remains above key moving averages, indicating a broader trend that is still constructive.

The critical support zone around $78,170-$78,193 is currently holding, but investors should be cautious if Bitcoin fails to reclaim the $78,800-$79,000 range.

A decisive move above $78,800 could shift momentum back in favor of buyers, while a drop below $78,170 would confirm further downside risk. Meanwhile, Ethereum's supply on exchanges has dropped to a multi-year low, which may signal potential price increases due to increased institutional demand.