Bitcoin dropped below $78,000 and closed just above $77,000, reversing earlier momentum that briefly pushed the price above $78,000. After breaching the threshold before midnight, two sell-off waves pulled the price down to just under $77,500, followed by a short rally back above $78,000 that did not hold. The price then declined through the morning, reaching just under $76,700 before recovering slightly to around $77,200. The move was accompanied by persistent spot bitcoin ETF outflows and a 0.3% decline, which contributed to $44.3 million in liquidations across long and short positions. Analysts warned that a Nasdaq correction could drive capital away from high-risk crypto assets.
"Bitcoin fell below $78,000 on May 21, erasing recent gains to close just above $77,000. Persistent spot bitcoin ETF outflows and a 0.3% drop triggered $44.3 million in liquidations. If the Nasdaq index undergoes a correction, analysts warn that capital will flee high-risk crypto assets."
"Market data show that during that period, the top cryptocurrency steadily climbed from just over $77,200 to breach the $78,000 threshold for the first time just before midnight. While bitcoin momentarily held that level, the first of two sell-off waves caused it to briefly tumble to just under $77,500. A sharp rally lasting less than an hour lifted it back above $78,000, but that proved to be the last time it traded at that level."
"It gradually declined through the morning, reaching just under $76,700 around 9:44 a.m. EST. At the time of writing, bitcoin had recovered slightly to trade around $77,200, down 0.3% from the same time 24 hours earlier. The marginal decline left its market capitalization virtually unchanged at approximately $1.55 trillion, though the volatility triggered $44.3 million in liquidations across long and short positions."
Read at news.bitcoin.com
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