Bitcoin Falls Below ₱4,680,279 ($76,500) as Bears Test ₱4,588,509 ($75,000)

Bitcoin dropped below $76,500 after failing to hold the 100 hourly simple moving average, signaling bearish momentum across short-term charts. A bearish trend line formed with resistance at $76,500 on the hourly chart. The MACD gained pace in the bearish zone while the RSI slipped below 50, confirming selling pressure.

Price recovery attempts toward the 23.6% Fibonacci retracement level from the recent swing high failed to gain traction. The correction comes after Bitcoin ETFs recorded back-to-back outflows on March 5 and March 6, with Spot Bitcoin ETFs seeing ₱13.94 billion ($227.9 million) and ₱21.35 billion ($349 million) withdrawn respectively. Fidelity's Wise Origin Bitcoin Fund led the exodus with ₱9.73 billion ($159 million) withdrawn, marking a five-week red streak in institutional flows.

Broader market context shows leveraged futures liquidations triggered a flash crash in October 2025 that erased over 30% of futures open interest. Bitcoin reached a peak of $109,000 in January 2025 before the current correction. Morningstar Director of Passive Strategies Research Bryan Armour said concerns about risk drive crypto prices down when investors take risk off the table.

Bitcoin now faces immediate resistance at $76,500, $77,000, and $77,150. Breaking above $77,500 could open the path toward $78,000 and $78,500. On the downside, support sits at $76,000, followed by $75,800 and $75,500. A break below $75,500 could accelerate selling toward $74,200 and $73,500.