Key Takeaways
- • Bitcoin fell more than 5% on Thursday, from above $80,800 to around $76,000, as weakness in US technology stocks spread into crypto markets.
- • Approximately $428 million in crypto long positions were liquidated within one hour during the sell-off, according to market coverage, indicating leveraged bullish positions amplified the decline.
- • Binance's spot-to-futures volume ratio fell to 9.2%, near its late-February reading of 9.3%, meaning roughly $9.20 trades in spot for every $100 in futures volume.
- • The ratio has contracted 30.2 percentage points, about 76.6%, since reaching 39.4% on May 4, a Binance-specific indicator that analysts say must be weighed against spot demand and ETF flows.
- • Key levels to watch are support near $75,230 and the 200-day moving average near $73,200, with resistance at $76,950 and $80,000.
Summary
Bitcoin is testing support around $75,000 after failing to sustain a recovery above $80,000. The decline, which erased much of the post-election rebound, followed a broader sell-off in US technology stocks as investors reassessed technology valuations and the expected returns from large-scale AI investment. Bitcoin's correlation with risk-sensitive assets left it exposed to the deterioration in sentiment, according to the primary report.
Forced selling amplified the move. Approximately $428 million in crypto long positions were liquidated within one hour during Thursday's sell-off, according to figures reported by market coverage, signaling that leveraged bullish positions added to downward pressure as prices fell.
Derivatives activity is also drawing attention. Amr Taha highlighted that Binance's spot-to-futures volume ratio has dropped to 9.2%, approaching its late-February reading of 9.3%. At that reading, futures volume is nearly 11 times spot volume. The ratio stood at 39.4% on May 4, when Bitcoin traded near $80,000, before Bitcoin fell roughly 28% toward $58,000-$59,000 by late June and early July. The article cautions that the ratio is Binance-specific and does not by itself signal another major correction; it should be assessed alongside spot demand, ETF flows and broader market conditions. A higher dependence on futures can make prices more sensitive to leverage, liquidations and rapid shifts in positioning.
Technically, the $75,000 region has attracted buying interest several times since August. Analysis places the immediate downside reference near $75,230, with a sustained break potentially exposing the 200-day moving average near $73,200. On the upside, Bitcoin needs to reclaim $76,950 to improve short-term structure, and a move above $80,000 would more convincingly signal renewed buyer control. The outlook hinges on whether a recovery is supported by stronger spot buying, or whether derivatives-led volatility makes the support zone harder to hold.
Forced selling amplified the move. Approximately $428 million in crypto long positions were liquidated within one hour during Thursday's sell-off, according to figures reported by market coverage, signaling that leveraged bullish positions added to downward pressure as prices fell.
Derivatives activity is also drawing attention. Amr Taha highlighted that Binance's spot-to-futures volume ratio has dropped to 9.2%, approaching its late-February reading of 9.3%. At that reading, futures volume is nearly 11 times spot volume. The ratio stood at 39.4% on May 4, when Bitcoin traded near $80,000, before Bitcoin fell roughly 28% toward $58,000-$59,000 by late June and early July. The article cautions that the ratio is Binance-specific and does not by itself signal another major correction; it should be assessed alongside spot demand, ETF flows and broader market conditions. A higher dependence on futures can make prices more sensitive to leverage, liquidations and rapid shifts in positioning.
Technically, the $75,000 region has attracted buying interest several times since August. Analysis places the immediate downside reference near $75,230, with a sustained break potentially exposing the 200-day moving average near $73,200. On the upside, Bitcoin needs to reclaim $76,950 to improve short-term structure, and a move above $80,000 would more convincingly signal renewed buyer control. The outlook hinges on whether a recovery is supported by stronger spot buying, or whether derivatives-led volatility makes the support zone harder to hold.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.