Bitcoin Struggles Below $84K — Bears Hold Ground at Key Levels
By John Nada·May 16, 2026·2 min read
Bitcoin's struggle to breach $84K marks a bear resurgence. However, bulls defend $76K support, hinting at potential recovery.
Bitcoin's recent attempt to conquer the $84,000 mark has hit a snag as bears are not giving up their grip easily. The cryptocurrency's brief rally above $82,000 was thwarted when sellers reasserted control, dragging the price back to $79,000, according to Cointelegraph.
The tug of war between bulls and bears is palpable. Glassnode's Week On-chain report highlights that many investors who bought BTC around $86,900 may start selling near their entry price, stifling upward momentum. CryptoQuant added that the 200-day moving average, sitting near $82,400, is a significant resistance that could remind market participants of the 2022 downturn when Bitcoin couldn't surpass this technical hurdle.
Yet, there's a silver lining for the bulls. They've managed to prevent a drop below the $76,000 support level, indicating some resilience and hope for a brighter ascent. Bitcoin's next move could be pivotal. A forceful rebound from the 20-day EMA could reignite the bulls' ambition to push prices up to $84,000 and beyond.
Ethereum, meanwhile, shows weakness as it dips below its 50-day SMA. This suggests a seller's advantage, with potential for ETH to tumble towards $1,916 unless a reversal occurs. For other major altcoins like BNB and XRP, sellers have been staunchly defending resistance levels. BNB's next challenge is the $687 barrier, while XRP struggles to maintain gains above its downtrend line.
Solana, having bounced off its 20-day EMA at $89, faces volatility as bears continue to sell at higher levels. As for Dogecoin, its battle around $0.12 indicates a possible consolidation phase unless the bulls can stage a convincing rebound.
Elsewhere, Hyperliquid (HYPE) is battling profit-taking pressures after surpassing the $45.77 resistance. If the bulls can maintain their stride, HYPE could be on a path to the $50 zone. Meanwhile, Cardano remains locked in a range, with sellers and buyers in a near deadlock around the $0.26 to $0.31 levels.
Finally, both Zcash and Bitcoin Cash exhibit signs of bearish pressure. Zcash struggles to overcome the $560 hurdle, while Bitcoin Cash oscillates within its $419 to $486 range. Bears seem to have the upper hand, but as market dynamics shift, the tables could turn.