Bitcoin Price Drops Below $77,000 After Failed $80,000 Breakout

• Bitcoin fell below $77K after its rally toward $80K failed near a major resistance zone.
• Binance saw $1.2B sell volume in one hour as total exchange pressure reached $1.35B late.
• CoinGlass showed $169.50M in liquidations, led by $110.16M wiped from long positions now.

Bitcoin fell below $77,000 on Monday after its move toward $80,000 failed to hold. Heavy sell volume, rising long liquidations, and renewed geopolitical uncertainty weakened momentum as traders reacted to resistance near a key breakout level.

Bitcoin traded near $80,000 overnight, its highest level since early February. The move was later reversed as selling pressure increased. The price dropped to about $76,600 and erased the previous day’s gains.

The largest cryptocurrency declined about 1.82% over the past 24 hours. The pullback showed that buyers failed to sustain control after Bitcoin approached a major resistance zone.

Whale Short Deepens Bitcoin Sell Pressure

However, analyst Ted highlighted in an X post that a whale opened a $26.66 million Bitcoin short position. The trade used 12x cross leverage and had a liquidation price of $89,410.

Source: X

The position drew attention because it came during Bitcoin’s failed breakout attempt. It also showed that large traders were still willing to take bearish exposure near higher levels.

Darkfost data showed that Binance recorded nearly $1.2 billion in sell volume within one hour. Across exchanges, total selling pressure reached about $1.35 billion during the same period.

The selling pressure increased after Bitcoin moved close to resistance. Liquidity clusters near such levels often raise volatility and could trigger sharp reversals when buying demand weakens.

Funding rates stayed deeply negative during the move. This reflected sustained short positioning across derivatives markets and showed limited confidence in a confirmed upside breakout.

Bitcoin Faces $73.5K Support

However, analyst Michaël van de Poppe said Bitcoin needed a clear move above $79,000 to confirm bullish continuation. He warned that failure at this level could lead to consolidation or further downside pressure.

The analyst identified $73,500 as a key support zone. A break below that level could open the path for Bitcoin to retest lower price areas.

The data showed a weaker short-term structure after the rejection. Bitcoin formed lower highs near resistance while moving inside short-term channels within a broader corrective phase.

Source: X

The pattern pointed to growing market uncertainty as Bitcoin failed to hold upward momentum. Repeated rejections near resistance weakened the short-term trend and reduced buyer control.

Derivatives activity increased during the decline, according to CoinGlass data. Trading volume jumped 156.99% to $75.51 billion, while open interest rose 0.49% to $56.91 billion.

The rise in activity came as liquidations reached $169.50 million over the past 24 hours. Long positions accounted for $110.16 million of the total, while short liquidations stood at $59.34 million.

However, Glassnode data showed renewed Bitcoin activity through rising transfer volume. However, lower fees and subdued liquidity pointed to weaker speculative demand.

Profitability metrics also improved during the same period, helping ease some bearish sentiment. Still, the failed breakout kept overall market conditions cautious.

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