BTC falls near $77,900 after failing to breach its 200-day moving average amid weakening futures, spot demand, and ETF inflows.
Bitcoin dropped to $77,900 after failing to sustain a break above its 200-day moving average near $82,400, a key technical level for long-term trends. Analysts cite weakening demand as the primary driver behind the pullback.
The recent rally was supported by leveraged futures buying, spot demand, and U.S. spot bitcoin ETF inflows, all of which have now softened. A Bull Score Index reading of 20, labeled “extremely bearish,” mirrors conditions from February-March when BTC traded between $60,000 and $66,000.
U.S. spot bitcoin ETFs recorded $2 billion in outflows over the past two weeks, while demand gauges in the U.S., Korea, and Hong Kong remain weak. If the correction deepens, $70,000 is seen as the next major support level.