Bitcoin price drop reach $77K as over $600M liquidations hit
Bitcoin price drop to around $77,000 over the weekend, wiping out weeks of cautious optimism. BTC dey about $76,860 as e dey write, down about 5% for the week.
The main trigger na derivatives unwind. Exchanges liquidate about $677M leveraged long positions within 24 hours, with BTC long liquidations around $160M and ETH long liquidations about $244M. Shorts self small (~$65M), showing market skewed to long exposure wey fit suffer from sharp selloff.
ETF flows turn risk-off too. Spot Bitcoin ETFs record net outflows about $263.2M in one session as BTC break below $77,000.
Macro factors dey support the risk-off tone, like hotter-than-expected US inflation, rising Treasury yields, and renewed geopolitical tensions.
Key Bitcoin price levels for traders: $77,000 na near-term battleground. Resistance dey at $78,000, then $80,000 and the $82,000–$84,000 zone. If Bitcoin price lose the $75,000–$76,000 area, support dey near ~$74,500 and then around ~$69,000. Sentiment na "Fear" (Crypto Fear & Greed Index 28).
Bearish
Di news dey bearish for BTC short-term because Bitcoin price weakness comot bigger due to one big leveraged-long liquidation event (~$600M+). That kind deleveraging dey usually increase near-term volatility and fit keep sell pressure dey active until dem reset all positions. Spot Bitcoin ETF net outflows (~$263M one session) dey confirm the risk-off flow picture, meaning demand never yet step in to stabilize price. But mid-term levels no be say dem don break structurally: $77,000 na the key pivot, and to lose $75,000–$76,000 go be the more bearish trigger. Overall, the immediate drivers (liquidations + ETF outflows) outweigh the constructive longer-term technical view, so expected impact on Bitcoin price na bearish.