Bitcoin Slips Under $78,000; ETF Outflows and Liquidations Raise Correction Risk

Bitcoin dropped below $78,000 on Thursday, keeping pressure on prices as doubts grow over the market's ability to sustain a rebound, according to The Block. Spot Bitcoin ETFs have posted net outflows for four straight sessions, and roughly $584 million in long positions were liquidated earlier this week, weighing on risk appetite. Analysts say BTC is unlikely to hold above $80,000 on a durable basis in the near term unless on-chain spot demand picks up. Glassnode data shows spot CVD (Cumulative Volume Difference) has remained negative for nine consecutive trading days, the longest stretch of net selling since 2026. Bitcoin briefly regained $78,300—described as the "true market average"—during a rebound that reached $82,000, but has since fallen back below the level. Historical cycles suggest BTC often needs weeks to months of consolidation in this range before a clearer shift in bull-bear structure is confirmed.