A purge of 13,600 BTC eliminated over-leveraged traders, reducing the risk of a liquidation cascade as Bitcoin oscillated between $77,000 and $79,900. The cryptocurrency failed to break through the long-term resistance around $82,000, and short-term indicators deteriorated as Fed rate hike probabilities rose to 87.3%. The Coinbase Premium Index turned negative again, Binance BTC reserves hit a two-year high, and outflows were recorded from Bitcoin spot ETFs, all signals of persistent selling pressure. A reversal in the Coinbase Premium Index, accumulation on exchanges, and positive ETF flows could support the next bullish leg.
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