• Bitcoin drops below $77,000 on Tuesday, risking further decline.
• Derivatives data shows a bearish positional buildup in BTC futures as the market anticipates potential downside.
• Pudgy Penguins, Pi Network, and Jupiter sustain gains over the last 24 hours.

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.)