‘Rally slows into resistance’: Bitcoin stalls below $78,000 as ETF outflows and long liquidations deepen recovery doubts
Bitcoin is struggling below $78,000 as persistent ETF outflows, reduced spot demand, and recent long liquidations hinder a sustained market recovery.Summary
Bitcoin has faced difficulty maintaining momentum above $78,000 due to four consecutive days of spot ETF outflows and a lack of organic onchain demand. Recent market volatility, highlighted by $584 million in long liquidations, has led to a cautious sentiment, with analysts noting that leveraged long positions remain under pressure.
Onchain data from Glassnode suggests that while Bitcoin reclaimed its 'True Market Mean,' the current price action remains below this threshold, indicating a need for renewed spot buying to confirm a bull regime. Furthermore, institutional interest appears subdued, and options market data reflects increasing bearishness through higher put demand, leaving Bitcoin vulnerable to short-term volatility unless ETF inflows or derivative-driven short squeezes provide a catalyst for further growth.
(Source：The Block)