*Yes, BTC is currently correcting from $78K.* Position as of April 23, 2026:

*Current price: $77,140 - $77,800, down -0.69% today*

*Why is BTC dropping?*
1. *Rejected at $78,200*: That’s a 2-month resistance. Many took profits there
2. *Profit-taking ETF*: After an inflow of $1.5 billion YTD, some institutions are realizing gains around $78K

3. *Dollar + yield rising*: DXY broke 106, causing risk-off assets including BTC to come under pressure
4. *Long liquidation*: $280 million long positions were liquidated in the last 24 hours as it dropped from $78K

*How low could it go?*
1. *Support at $77,140 has been tested* today
2. *$76,500 - $76,000*: CME gap area & 50 EMA on 4-hour chart. If broken, continue downward
3. *$74k*: Strong support, the lower boundary of the 2-month range. This is a key level
4. *$70k*: If $74K breaks below, this is the next floor. Polymarket still 92% confident it will close April above $75K

*Is the decline normal or will it be deep?*
*Still normal* as long as it stays above $74K. This is just a healthy correction after rising from $70K to $78K. The funding rate has been negative for 46 days = many shorts, so a short squeeze could happen if it drops too much.

*So it’s risky if* the daily close is below $74K with high volume. The target drop is to $70K-$68K.

*Conclusion:* BTC is indeed dropping because of the rejection at $78K. Watch $76,500 & $74k. As long as $74K holds, the upward structure toward $80K-$85K remains valid. Breaking $74K = warning of deeper decline.

Want me to notify you if BTC hits $74K?