Bitcoin Breaks Below $77K After Another Failed $80K Reclaim
Bitcoin fell below $77,000 as a failed push into the $79,000 to $80,000 resistance band turned into a broader leverage unwind across crypto derivatives.
Live CoinGecko market data placed BTC near $76,800, down about 1.5% over 24 hours, while Ethereum traded near $2,116 after a sharper daily decline. Total crypto market cap slipped to about $2.64 trillion, with 24-hour trading volume rising above $64 billion as forced selling accelerated through major assets.
The drop followed several failed attempts to regain the $80,000 area, a level that has become the main short-term dividing line for Bitcoin traders. BTC had already been struggling near $78,000 after ETF outflows and weak spot demand left the market more dependent on thin liquidity and derivatives positioning. That fragile setup turned quickly once price lost support and leveraged longs started closing under pressure.
The latest move also extends the pressure flagged in the recent market setup, where Bitcoin was already holding near $78,000 as ETF outflows kept traders cautious. The difference now is that leverage has moved from a background risk into the main driver of the decline.
Ethereum Leads Liquidations As Leverage Unwinds
Liquidation data showed more than $526 million in crypto positions wiped out over the latest 24-hour window. RootData’s liquidation feed, citing CoinGlass data, placed Ethereum liquidations near $239 million and Bitcoin liquidations around $151 million, making ETH the largest source of forced position closures during the move.
That detail is important because it shows the selloff was not only a Bitcoin event. Ethereum’s larger liquidation total suggests altcoin and ETH-linked leverage was more exposed to the downside move, especially after ETH failed to hold the mid-$2,100s with enough spot demand behind it.
Weekend liquidity likely made the move sharper. When order books are thinner, a support break can move price faster than during regular high-liquidity trading windows. That can trigger stop-losses, margin calls and automated futures liquidations in quick succession, creating a feedback loop where falling prices force more selling.
The pressure also lands after spot Bitcoin ETFs lost momentum. U.S. spot Bitcoin ETFs posted their first weekly outflow in six weeks, removing one of the cleaner demand channels that had helped absorb selling near the $80,000 zone earlier in May.
Traders Watch $74K To $76K Liquidity Zone
The bearish case now centers on the $74,000 to $76,000 liquidity zone. If BTC cannot quickly reclaim $77,000 and build back toward $79,000, traders may look for deeper bids closer to that support band before the market can stabilize.
Macro pressure is adding to the caution. U.S. consumer inflation rose more than expected in April, while a hotter producer-price reading added to concerns that the Federal Reserve may have less room to ease policy. Higher inflation and weaker rate-cut expectations tend to pressure risk assets, especially when crypto leverage is already crowded.
Bulls still have a cleaner argument if Bitcoin holds the mid-$76,000 range. A fast reclaim of $77,000 would suggest the move was mainly a leverage reset rather than a deeper spot-market breakdown. A stronger move back above $79,000 would put the $80,000 reclaim zone back in play.
Bitcoin’s immediate market structure is now defined by forced selling, ETF outflows and a tight support range. The confirmed numbers show more than $526 million in liquidations, ETH carrying the largest liquidation total, BTC trading below $77,000 and total crypto market cap near $2.64 trillion. A hold above $76,000 would keep the pullback contained. A clean break below it would put the $74,000 area back on the market’s screen.
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