Why Did Bitcoin Drop Back to $77K After a Quick Spike?

BitcoinBTC-5.73% price experienced a sharp shift over the past 24 hours. After swinging from $75,000 up to $81,000 yesterday, Bitcoin slipped back down to around $77,060 today, marking a daily decline of over 4%.

To understand this sudden retreat, think of the crypto market like a busy bridge. When a few heavy vehicles shake the structure, a sudden rush for the exit can cause everyone to pull back at once. Past performance of digital assets is not an indicator of future results. You can view historical market trends at bitkub.com/th/market/BTC.

Pressure From Tech Stocks and Wider Market Sentiment

The broader financial market mood turned cautious today. Major technology equities and AI-related chipmakers saw notable selling pressure, with the Nasdaq index sliding more than 2%.

Because Bitcoin often trades like a high-beta risk asset connected to global liquidity, weakness in traditional stock markets spilled directly into crypto trading activity.

Other industry factors also weighed on buyer confidence. Lingering fallout from recent platform security incidents and withdrawal freezes has made some market participants hesitant. Additionally, ongoing network scrutiny surrounding Binance-related platforms has prompted short-term traders to actively reduce their exposure.

Massive Liquidations Hit Bullish Positions

As Bitcoin's price slipped below the critical $80,000 support level, automated margin calls kicked in rapidly. This accelerated the downward momentum as overleveraged traders were forced out of their positions.

Data from analytics platform Coinglass highlighted the scale of the position unwinding over the past day:

• Total 24-hour market liquidations reached $213 million.
• Long positions absorbed $194 million of those liquidations, representing 90% of the total loss.
• Short positions accounted for just 10% of total liquidations.

Key Chart Levels Near the 200-Day EMA Band

From a technical perspective, charts show a steep downward structure that has been forming since October 2026. This price ladder brings Bitcoin close to its 200-day Exponential Moving Average (EMA) band.

Technical analysts view the 200-day EMA band as a key level to monitor. If the price action fails to hold this support zone and liquidations continue, market commentary notes the potential for a deeper correction. However, actual market direction remains sensitive to broader economic developments and liquidity shifts.