Bitcoin continues to trade in the $76K–78K range, remaining under pressure from several factors at once: rising U.S. Treasury yields, the Federal Reserve’s hawkish rhetoric, and significant outflows from spot BTC ETFs. Over the past few days, the market has experienced one of the largest waves of profit-taking since the beginning of the year, with total ETF outflows approaching $1.7 billion.
This intensified the correction and triggered a sharp increase in liquidations across the crypto market.
Institutional demand remains the key driver
Despite the short-term deterioration in sentiment, the long-term market structure remains resilient. Major players continue to maintain substantial exposure through BlackRock’s IBIT and Fidelity’s FBTC, while analysts point to reduced selling pressure from long-term Bitcoin holders. This is an important signal: the current pullback appears to be more of a liquidity redistribution and cooling phase after an overheated rally, rather than the start of a full-scale bearish cycle.
Macroeconomics once again dictate BTC movement
Bitcoin is now highly sensitive to global risk sentiment. Pressure increased following worsening expectations regarding U.S. interest rates and rising geopolitical risks, temporarily reducing investor appetite for high-risk assets. Analysts note that BTC is becoming increasingly correlated with the Nasdaq and the U.S. bond market: any dovish shift from the Fed or a decline in Treasury yields could quickly restore ETF inflows and revive bullish momentum.
Near-term outlook
From a strategic perspective, the market still maintains a bullish structure thanks to post-halving supply reduction, ongoing institutional accumulation, and limited Bitcoin liquidity on exchanges. This week, Michael Saylor once again stated that he considers the $60K area to be the long-term cycle bottom and expects the uptrend to continue after the current consolidation phase. At the same time, analysts warn that 2026 could remain highly volatile, with sharp pullbacks likely before new all-time highs are reached.
At the moment, Bitcoin remains under pressure and may retest support around $76.7K. However, a breakout above the $77.5K resistance zone could allow bulls to push toward $77.8K–78.1K again. A breakdown below support would likely open the way toward the $72K region, as previously mentioned in Bitcoin remains in consolidation phase.
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