Bitcoin slips under $78K, risks slide to $70K

Bitcoin fell below $78,000 on renewed selling pressure after April inflation came in hotter than expected and U.S. Treasury yields rose. Market participants are watching whether buyers can defend the $76,000 area or whether the pullback will extend toward $70,000.

Price action showed another rejection near $82,200, a level close to Bitcoin’s 200-day moving average. Market maker Wintermute described the failed attempts to reclaim that range as turning a consolidation phase into a test of market depth, institutional demand and short-term holder conviction.

April’s Consumer Price Index rose 3.8% year-over-year versus a 3.7% consensus. The 10-year U.S. Treasury yield jumped to about 4.58%, its highest level since September 2025. Futures markets removed expected rate cuts for 2026 and traders now assign a higher probability to a rate increase by year-end. The Senate’s confirmation of Kevin Warsh as Federal Reserve chair and the approaching June 16-17 FOMC meeting added to market caution.

Derivatives markets showed elevated leverage during April’s rally. Analytics firm CryptoQuant reported that BTC perpetual futures open interest grew at its fastest pace in 2026, pointing to a sharp increase in leveraged positions.

Spot Bitcoin ETFs recorded roughly $1 billion in net outflows last week, the largest weekly withdrawal since January. On-chain flow data showed a seven-day simple moving average of net ETF flows near negative $88 million per day, indicating institutions were taking profits after the recent advance.

The price reversal triggered liquidations on major exchanges. Trading data attributed to Wintermute indicated about $657 million in liquidations over a weekend slide toward $76,800, with roughly $584 million coming from long positions.

On-chain metrics diverge from the short-term selling. Exchange data from CEX.io showed long-term holders added about 80,000 BTC to wallets over the past seven days and exchange reserves remain at multi-year lows. The sell-side risk ratio has fallen to its lowest level since October 2023, and Bitcoin Days Destroyed points to reduced activity among long-term holders while short-term holders account for most selling.

Traders cite key technical levels to gauge the next moves. Reclaiming $78,000 is viewed as a step toward retesting $80,000 and reopening a path to roughly $85,750, according to exchange analysis. If the $76,000 area fails and the market breaks below $75,000 amid continued ETF outflows and unfavorable macro conditions, the probability of a deeper decline toward $70,000 would rise.