Bitcoin fell below $80,000 on Thursday, reversing sharply after bulls failed to break through the 200-day exponential moving average at $81,986. The pullback came alongside a $635.23 million outflow from US-listed spot Bitcoin ETFs on Wednesday — the largest single-day withdrawal since late January — and profit-taking that hit its highest level in more than five months.
Resistance at the 200-day EMA
BTC touched $79,458 by Thursday afternoon, but held above the 50-day and 100-day EMAs clustered near $76,800. The 200-day EMA at $81,986 has been a stubborn ceiling. Above that, the 61.8% Fibonacci retracement at $83,437 marks the next major hurdle. Failure to reclaim that zone keeps the bias short-term bearish.
ETF outflows spike
Wednesday’s $635.23 million outflow is the biggest since the week of January 26, when a similar exodus rattled the market. The timing isn't great — it suggests institutional sentiment is cooling just as retail profit-taking ramps up. The outflow came after a stretch of relatively quiet ETF flows in April and early May.
Profit-taking hits December highs
On May 4, 14,600 BTC was realized in daily profits — the highest profit-taking activity since December 10. That’s a lot of coins hitting exchanges or wallets with cost bases well below current prices. When realized profits spike like this, it usually signals that a local top is in play, or at least that short-term holders are getting nervous.
Support levels hold — for now
Immediate support sits at the 50% Fibonacci level of $78,962. If that breaks, the 100-day EMA at $76,756 is the next line of defense. Both are within a few hundred dollars of each other, so a cascade below $78,900 could get ugly fast. Bulls need to defend that zone to avoid a retest of the $75,000 handle. For now, Bitcoin is hanging on by a thread — and the week isn't over yet.
