Bitcoin trades at $76,955, down 0.6 percent in the past 24 hours, testing the $74,000 support level that defines the current short-term trend. A break below this level could trigger a deeper correction. The Crypto Fear & Greed Index registers 25, signaling extreme fear as volatility persists.
On-chain data shows large wallets accumulated more than 12,000 BTC between $73,500 and $74,500 during the past week. These wallets, typically associated with long-term holders and institutions, now control 3.4 percent of Bitcoin's circulating supply, up from 3.1 percent two weeks ago.
Exchange order book depth on Coinbase and Kraken shows substantial bid liquidity at $74,000, indicating efforts to prevent further downside. A breach of this support would open a path to $68,000, where the next major liquidity zone sits from the April sell-off. A successful defense could propel Bitcoin toward a retest of $80,000 resistance.
Spot Bitcoin ETFs recorded net outflows of $110 million yesterday, marking the third consecutive day of withdrawals as institutions take profits or reduce risk. Long-term holders continue moving Bitcoin off exchanges at approximately 2,000 BTC per day, reducing immediate selling pressure from this group.