Bitcoin’s price slipped toward the $77,000 mark on Friday after it broke down from an ascending trendline that had been propping up its recovery since April. The digital asset struggled to hold above $82,000, a level reinforced by the 200-day moving average near $80,825, and the failure triggered fresh selling pressure.
Over the past week, leveraged long positions took a heavy hit, with liquidations ranging from $661 million to $850 million across exchanges as Bitcoin slid from its May peaks. The cascade of forced selling accelerated the downturn, pushing prices into thinner liquidity zones.
Institutional demand also softened, as U.S. spot Bitcoin ETFs recorded roughly $1.4 billion in net outflows over the last week. BlackRock’s IBIT saw one of its largest daily outflows during this period, and other major issuers faced consistent redemptions amid a broader reduction in risk appetite.
On-chain data added to the bearish narrative, with 9,664 BTC worth over $744 million moving to exchanges in the past five days, signaling potential selling pressure. Additionally, Trump Media & Technology Group transferred 2,650 BTC to Crypto.com, drawing attention to possible large-holder distribution.
The decline occurred during Bitcoin Pizza Day week, a time that usually boosts trading activity and highlights Bitcoin’s long-term gains. However, this year’s event was marred by rising volatility and worsening macro conditions.
Rising oil prices added to market stress, with WTI crude climbing above $98 per barrel amid geopolitical tensions involving Iran. Higher oil costs compounded inflation fears after recent U.S. CPI and PPI data exceeded expectations. Treasury yields rose as markets priced in fewer Fed rate cuts, and expectations of a hawkish Fed leadership shift further dampened sentiment.
Technically, Bitcoin’s breakdown below the ascending trendline and its failure to reclaim the 200-day moving average have weakened its daily structure. The price now sits below its 20-day moving average and is approaching the 50-day moving average near $76,427, a key support level. The MACD histogram has turned negative, erasing April’s bullish momentum.
Liquidation data from CoinGlass shows dense long liquidation clusters between $76,000 and $76,500, with another concentration near $74,000. This suggests Bitcoin may sweep lower before stabilizing. Trader Lennaert Snyder noted that Bitcoin’s daily candle closed weak after failing to reclaim $78,200, and he expects a sweep of sell-side liquidity at $76,400 before any recovery.
ZeroStack CEO Daniel Reis-Faria told crypto.news that Bitcoin’s rejection at the 200-day moving average reflects weak buying pressure. He said that unless buying picks up, Bitcoin will likely remain under pressure. Derivatives markets also show caution, with funding rates cooling and open interest declining alongside price.
For a bearish scenario to be invalidated, Bitcoin needs to recover above $79,000 and reclaim the 200-day moving average near $80,800. Progress in U.S.-Iran talks could lower oil prices and ease inflation concerns, while a reversal in ETF outflows would support prices. However, if Bitcoin fails to hold $76,000, it could slide toward $74,000 or even the 100-day moving average near $72,500.