Bitcoin failed to hold the $78,000 threshold on Thursday, sliding to just above $77,000 as mounting outflows from spot ETFs erased gains from an overnight recovery. The move reverses momentum that had briefly lifted prices, leaving traders to question how long the selling pressure will last.
Price action loses steam
After a brief bounce in overnight trading, bitcoin gave back those gains by midday Thursday. The cryptocurrency dipped to around $77,100 as selling picked up across major exchanges. The $78,000 level had been seen as a key psychological support, but it crumbled without much of a fight.
ETF outflows keep growing
The sell-off coincided with a continued exodus from spot bitcoin ETFs. Data from multiple sources shows that outflows have been mounting in recent days, adding to the downward pressure on prices. The overnight recovery that briefly pushed prices above $78,000 quickly evaporated as fresh selling emerged.
What traders are watching
With bitcoin back near $77,000, the next support zone is around $76,500, a level that held during earlier pullbacks this month. A break below that could open the door to a test of $75,000, but Thursday's session still has hours to go. The overnight recovery had offered a glimmer of hope, but it faded fast. The question now is whether the ETF outflows will slow heading into the weekend, or if this becomes a deeper correction.
