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Bitcoin ($BTC) trades below $77,000 at press time on Tuesday as the broader market risk-on sentiment eases. The long-to-short ratio in $BTC futures drops below 1, signaling a near-term bearish bias among traders. Meanwhile, Pudgy Penguins ($PENGU), Pi Network (PI), and Jupiter ($JUP) sustain gains over the last 24 hours.
Bitcoin hovers on thin ice
Bitcoin extends losses below $77,000 at press time on Tuesday, risking a pullback toward $75,000. The derivatives market is quick to place bets on this potential downside, leading to leverage-driven downside pressure. CoinGlass data shows the long-to-short ratio is down to 0.8624, suggesting that the active short positions outnumber long positions.
Technical outlook: Will $PENGU, PI, and $JUP sustain gains?
Pudgy Penguins trades near the $0.0100 psychological level at press time on Tuesday, holding a constructive bullish bias as it remains above the 50-day Exponential Moving Average (EMA) at $0.0076 while still trading below the longer-term 200-day EMA around $0.0112.
The meme coin hovers below the 200-day EMA at $0.0112, close to the 78.6% retracement at $0.0120, measured over the downswing from $0.0179 to $0.0052, suggesting near-term upside pressure. A break above this level would pave the path to the 100% Fibonacci level at $0.0138.
The Relative Strength Index (RSI) is at 74 in the overbought territory on the daily chart, while the Moving Average Convergence Divergence (MACD) rises above its signal line, hinting at a strengthening bullish drive.
On the downside, immediate support emerges at the 50% retracement near $0.0095, with further cushions at the 38.2% level around $0.0085 and the 50-day EMA close to $0.0076.
Pi Network shows a constructive near-term bias as it extends gains above $0.1800 at the time of writing on Tuesday. The intraday gains test grounds above the descending trendline around $0.1837, and a decisive close could target the 200-day EMA at $0.2315.
The MACD line holds above the signal line with a positive, expanding histogram, while the RSI is at 64, hinting that bullish pressure is firming but edging toward overbought territory.
The initial support lies at the reclaimed trendline near $0.1837, with the 50-day EMA at $0.1774 providing a deeper technical floor if sellers gain traction.
Jupiter edges lower at press time on Tuesday after two consecutive days of roughly 6% gains. The pair maintains a constructive bullish bias as it holds above the 50-day EMA at $0.1700 and has reclaimed the 50% retracement near $0.1817.
Momentum is supportive, with the RSI hovering at 65 and the MACD line above its signal line, suggesting buyers still retain short-term control despite approaching overhead levels.
On the topside, immediate resistance emerges at the 61.8% Fibonacci retracement around $0.1949, followed by the 78.6% retracement near $0.2153.
On the downside, initial support is seen at the reclaimed 50% retracement around $0.1817, with further cushions at the 38.2% Fibonacci retracement level near $0.1694, close to the 50-day EMA at $0.17.
(The technical analysis of this story was written with the help of an AI tool.)
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