Bitcoin slips below $78K as longs absorb $270M hit

Bitcoin fell below $78,000 after its breakout above $81,000 reversed, triggering a wave of long liquidations as traders took profits and bullish leverage unwound. Strong US spot ETF inflows, however, suggest underlying demand has not disappeared. Summary Bitcoin dropped 4.1% from $81,238 to $77,870 before recovering toward $78,000. Long positions accounted for about $270 million of the market’s $324.4 million liquidations. Bitcoin futures open interest fell 4.5% from its level near the recent price peak. US spot Bitcoin ETFs drew $2.57 billion across seven consecutive inflow sessions. Bitcoin price retreats after $81K breakout Bitcoin’s pullback followed a round of profit-taking and an increase in leveraged long positions after last week’s short squeeze pushed the asset above $80,000. Bitcoin (BTC) reached $81,238 on Tuesday after breaking out of a consolidation range that had held for about 10 weeks. The move placed the cryptocurrency roughly 29.5% above its range low before sellers returned near the May high. Price subsequently fell to $77,870, marking a decline of about 4.1% from the peak. Bitcoin then recovered toward $78,000, placing it near the lower boundary of a short-term ...