Bitcoin dropped into the $76,000 region as spot ETF outflows and weakening sentiment pushed crypto sentiment deeper into fear territory.
Notable Statistics:
- Coinglass data shows 124,022 traders were liquidated in the past 24 hours for $816.06 million.
- SoSoValue data shows net outflows of $290.4 million from spot Bitcoin ETFs on Friday. Spot Ethereum ETFs saw net outflows of $65.7 million.
- In the past 24 hours, top losers include Bitcoin Cash, Flare and Aerodrome Finance.
Notable Developments:
Trader Notes:
Bitcoin technical analyst CryptoCon said Bitcoin’s bear flag formation has now stretched to 100 days, matching the longest-running bear flag structure since November 2021.
The analyst noted Bitcoin once again rejected near the upper boundary of the pattern, warning a confirmed breakdown following this second major retest could trigger a typical 30% correction. That would place downside targets near the $50,000 region.
DonWedge highlighted that the lower support trendline of Bitcoin’s broader bullish megaphone structure now aligns closely with the mid-$50,000 area, reinforcing the same zone many bear flag breakdown models are targeting.
The trader said market participants are now watching whether bulls aggressively defend current levels or allow one final flush lower into major structural support.
Crypto Tony said Bitcoin’s first downside target near $76,100 has already been reached, while one additional downside target remains open near the broader range lows as bears continue controlling short-term price action.
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