The Bitcoin price has been experiencing a correction after its impressive run-up above $75,500. The total crypto market cap has receded below the $2.6 trillion mark, and the crypto fear and greed index remains unchanged from the previous day at 53, indicating a neutral level.
Short-term traders have been booking profits near the recent local highs, leading to a cascade of liquidations that created downward pressure on the market. Over $152 million in long positions were liquidated in the past 24 hours, with Bitcoin accounting for over $50 million of the total wipeout.
The absence of fresh macro catalysts and the failure to breach the psychological and technical resistance level of $76,000 have led to a stall in the bullish trend. While large-scale whale wallets added over 27,000 BTC during this dip, roughly $291 million in outflows from spot Bitcoin ETFs acted as a significant headwind.
Analysts expect that unless there is a significant resurgence in institutional buying demand, more downside could be in play. The current volatility may just be a necessary cooling-off period before another attempt at the $76,000 resistance.