Bitcoin price drops to $77K as $600M+ liquidations hit
Bitcoin price slid to around $77,000 over the weekend, erasing weeks of cautious optimism. BTC was about $76,860 at the time of writing, down roughly 5% on the week.
The main trigger was a derivatives unwind. Exchanges liquidated about $677M in leveraged long positions in 24 hours, with BTC long liquidations around $160M and ETH long liquidations about $244M. Shorts were far smaller (~$65M), highlighting a market skewed toward long exposure that was vulnerable to a sharp selloff.
ETF flows also turned risk-off. Spot Bitcoin ETFs recorded net outflows of about $263.2M in a single session as BTC broke below $77,000.
Macro factors were cited as supportive of the risk-off tone, including hotter-than-expected US inflation, rising Treasury yields, and renewed geopolitical tensions.
Key Bitcoin price levels for traders: $77,000 is the near-term battleground. Resistance sits at $78,000, then $80,000 and the $82,000–$84,000 zone. If Bitcoin price loses the $75,000–$76,000 area, support is expected near ~$74,500 and then around ~$69,000. Sentiment is “Fear” (Crypto Fear & Greed Index at 28).
Bearish
The news is bearish for BTC in the short term because Bitcoin price weakness was amplified by a large leveraged-long liquidation event (~$600M+). That kind of deleveraging often increases near-term volatility and can keep sell pressure active until positions are fully reset. Spot Bitcoin ETF net outflows (~$263M in a session) reinforce the risk-off flow picture, suggesting demand is not yet stepping in to stabilize price. However, medium-term levels are not described as structurally broken: $77,000 is the key pivot, and losing $75,000–$76,000 would be the more bearish trigger. Overall, the immediate driver (liquidations + ETF outflows) outweighs the constructive longer-term technical framing, making the expected impact on Bitcoin price bearish.