BTCUSD Inches Near $77k as Bitcoin Liquidations Ease by 67%
Bitcoin (BTC) rallied by 3.01% to $76,800.38, closely tracking a 3.03% gain in the total crypto market cap, driven primarily by a broad market recovery after a week of heavy selling pressure.
Trading volume is down approximately 9% to $28 billion at the last look on Sunday, with BTC market capitalisation standing at $1.54 trillion.
The World’s largest digital asset gained almost exactly, matching the total crypto market cap’s 3.03% increase over 24h. This indicates the move was not driven by a Bitcoin-specific event but by a broad market rebound.
The context shows the market had been under pressure from six consecutive days of spot Bitcoin ETF outflows (totalling $1.26 billion last week) and geopolitical uncertainty, making this a relief rally.
This suggests Bitcoin’s direction remains tightly coupled with overall crypto market sentiment. The bounce suggests the intense selling pressure from last week may be exhausting.
Derivatives data shows Bitcoin liquidations fell 67.13% to $124.33 million in 24h, indicating a sharp reduction in forced selling.
Meanwhile, the price found support near the Fibonacci 38.2% retracement level at $76,130 and is trading above its key 30-day moving average of $75,850. Technical traders said the market flushed out excessive leverage during the prior drop.
Holding above $76,130 provides a technical foundation for the current bounce. A sustained move above the 7-day simple moving average at $76,742 to confirm short-term bullish momentum.
The immediate trigger for the next move may be the resolution of today’s Bitcoin price prediction market, though its impact is likely limited. The key technical event is whether Bitcoin can reclaim the recent swing high at $77,288.
The near-term bias is cautiously bullish for a retest of higher resistance, but the trend is not yet decisively reversed. Investors are watching for the Spot Bitcoin ETF flow data for May 24. A return to inflows would be a strong positive signal, while continued outflows could cap upside. Bitcoin Gains as Morgan Stanley ETF Posts Zero Outflow
