Bitcoin Drops to ₱4,399,364 ($73,637) After Bulls Fail at ₱4,680,519 ($78,343)

Bitcoin dropped to $73,637 after bulls failed to sustain gains above $76,500 following a peak near $78,343. The price now trades below the 100-hour simple moving average with a bearish trend line forming resistance at $75,600 on the hourly chart.

The immediate support sits at $74,000, followed by the first major support at $73,500. If bears push lower, the next support zone comes in at $72,500, with a potential target at $71,200 before reaching the main support at $70,000.

Both the hourly MACD and RSI turned bearish. The MACD is gaining pace in the bearish zone while the RSI dropped below 50, confirming downward momentum. Bitcoin is also consolidating below the 23.6% Fibonacci retracement level of the decline from $78,343 to $73,637.

Bulls need to reclaim $74,750 as immediate resistance before targeting $75,500 and $76,000. A break above $76,000 could test the 50% Fib retracement level, potentially pushing the price toward $77,200. The next barrier stands at $78,000.

VanEck Head of Digital Asset Research Matthew Sigel attributed recent Bitcoin weakness to collapsing leverage and miners selling holdings to fund pivots toward AI and high-performance computing. Futures open interest dropped over 45% from early October 2025 peaks above ₱5.38 trillion ($90 billion), showing deleveraging rather than chaotic liquidations.

Bitcoin stands about 40% below its October 2025 peak while the S&P 500 climbed 5% and gold jumped 17% over the same period. Ethereum plunged nearly 20% while Solana saw its price cut in half, making Bitcoin's roughly 10% decline relatively modest compared to altcoins down 20-50% as of April 2026.