Market overview
The headline read is bullish. The tape isn't. Cryptomat's Pulse score sits at 89, deep in extreme greed territory, but the trend line is falling fast: down 7 points in the last 24 hours. Of the 144 classified articles in the window, 93.1% carried a bullish sentiment tilt, with only 6.9% bearish. That kind of one-sided positioning is exactly the setup that breaks when supply arrives, and supply has arrived.
Bitcoin lost $77,500 support, then $77,000, and printed a session low at $76,020 before stabilizing, per NewsBTC's hourly chart. The 100-hour simple moving average flipped to resistance, and a fresh bearish trend line is forming at $76,850. The first real shelf below current price is $76,000. Lose that and $75,500 comes into play. The main support, the level bulls genuinely need to defend, is $74,200.
Ethereum is in worse technical shape. ETH lost both the $2,150 zone and the 100-day moving average, trading near $2,110 at time of writing while still well below the 200-day. The recovery structure that held from February's $1,800 capitulation low has now broken down. The contrast between the sentiment data and the price action is the story: readers feel greedy while wallets that have been quiet for years are sending coins to centralized venues.