Bitcoin sold off to $76,000, giving bears an opportunity to reclaim control of the crypto market. Meanwhile, altcoins like HYPE charted new highs. Bitcoin (BTC) has dipped below $77,000, indicating that the bears are attempting to seize control. Glassnode said the true market mean at $78,300 has historically acted as a dividing line between bear and bull market regimes. If the price breaks sharply below the level, it suggests that the recent rally may have been a “local top within the ongoing bear market.” Institutional investors seem to be selling, as evidenced by the sharp decline in the Coinbase premium over the past few days. LVRG research director Nick Ruck told Cointelegraph that the decline of the Coinbase premium signals selling from large holders, which “could weigh on near-term price momentum across major crypto assets.” What is the crucial level that suggests the bulls are back in command? Independent analyst Filbfilb said in a post on X that the previous two bear markets had ended after “a >+20% weekly candle and a break of the weekly super trend.” If the current bear trend has to fail, BTC has to rise above the super trend level at $88,000. Could BTC and select major altcoins hold on to their strong support levels? Let’s analyze the charts of the top 10 cryptocurrencies to find out. BTC turned down at the 20-day exponential moving average ($78,280), suggesting the bears are attempting to take charge. BTC/USDT daily chart. Cointelegraph/TradingView The $76,000 level is the critical support to watch on the downside, as a close below it would signal an advantage to the bears. That increases the risk of a drop to the support line, which is likely to attract buyers.