#BTC跌破77000美元 Breaking below $77000! Long positions lost $214 million in 4 hours, ETF outflows continue—is Bitcoin undergoing a pullback or turning bearish?

The crypto market has once again seen a violent shift! Bitcoin, which had previously maintained high-level consolidation, officially fell below the key psychological level of $77000 under the concentrated pressure of multiple macroeconomic negatives. Short-term long funds faced mass liquidations, and panic quickly spread across the market. On one side, hotter-than-expected U.S. inflation data boosted rate-hike expectations, oil prices rose, and ETF funds continued to flow out, with multiple negatives exerting pressure in succession; on the other side, an institutional trading head said that “the bear market is nearing its end,” while treasury companies are expected to recover, creating a sharp clash between bullish and bearish views. The entire market is now wrestling with one question: Is this decline a normal deep correction in a bull market, or the beginning of a new bear-market downturn? How much further could it fall? Has the opportunity to buy the dip arrived? This article combines the latest market data, macro inflation dynamics, on-chain data, institutional views, and key support and resistance levels to comprehensively dissect Bitcoin’s plunge and explain the future price trend in one go.
🔥 Core market data24-hour high: $78564.3924-hour low: $76464Current quote: $76833.87Market characteristics: Intraday rise followed by retreat, breakdown on heavy volume, falling below the key $77000 support, with short-term long-side momentum exhausted and panic selling continuing to emerge; the short-term trend is weak.

I. The core truth behind this crash: Three negatives converged to break through $77000
1. U.S. inflation exceeds expectations, sharply increasing expectations for a Fed rate hikeThe core macro trigger for Bitcoin’s plunge was the much hotter-than-expected U.S. August PPI data. Data showed that the U.S. Producer Price Index rose 0.4% month-on-month in August and surged 5.4% year-on-year, above the market expectation of 5.3%, with inflation stickiness far exceeding market expectations. After the inflation data was released, market sentiment shifted rapidly. CME FedWatch data showed that the probability of a 25-basis-point Fed rate hike in September surged to 70%. Meanwhile, the 10-year U.S. Treasury yield climbed to a high of 4.9%, putting pressure on non-yielding safe-haven assets such as gold and Bitcoin, while funds continued to shift toward yield-bearing fixed-income assets. In addition, Brent crude oil broke above $100 per barrel, further intensifying global inflation concerns and completely eliminating the Fed’s path toward easing, leaving risk assets broadly under pressure.
2. Institutional funds retreat, with Bitcoin ETFs seeing consecutive outflows
The direct force behind the weak market was continued deterioration in institutional demand. The latest data showed that Bitcoin ETFs saw net outflows of more than $147 million over two days, breaking the previous pattern of sustained net inflows. Well-known crypto blogger Jiang Zhuoer explicitly predicted that U.S. spot Bitcoin ETFs would most likely continue to see net outflows. Institutions are taking profits and remaining on the sidelines, while the depletion of new funds is a key reason for the market’s continued weakness.
3. Mass liquidation of long positions spreads panic across the market
The breakdown triggered a chain reaction of leveraged liquidations. Data showed that after Bitcoin fell below $77000, $214 million in long positions was liquidated in just 4 hours. Bulk stop-losses and liquidations among high-level longs further accelerated the price decline, forming a negative cycle of “breakdown → liquidation → decline,” leaving the short-term market extremely weak.

II. A sharp clash between bullish and bearish views: Is this the end of the bear market or a continuation of the decline?
✅ Bullish rationale: The bear market is nearing its end, and the pullback is an opportunityThe head of trading at BlockchaincomOTC publicly stated that Bitcoin is currently nearing the end of its bear market. The current short-term irrational pullback does not signal a bearish trend reversal, but instead presents an excellent medium- to long-term buying opportunity. Meanwhile, Strive CEO Matt Cole brought positive industry news: As Bitcoin’s price stabilizes and recovers, Bitcoin treasury companies that previously fell into difficulty are expected to recover collectively. Once weaker players are cleared out, high-quality projects will see a new round of strong performance, and signs of an industry bottom are becoming increasingly evident.
In addition, structural bright spots remain in the market: The BTC/gold ratio has reached 18, and Bitcoin’s safe-haven profile relative to gold continues to strengthen, while long-term recognition of its value has not collapsed.
❌ Bearish rationale: Heavy overhead selling pressure, with more downside still to comeGlassnode’s on-chain data warned of risk: Bitcoin currently faces massive selling pressure from long-term holders in the $83000-$85000 range, creating substantial overhead resistance that the current rebound has consistently failed to overcome.
CryptoQuant also identified a clear key defense level: Bitcoin’s core support zone is $72000-$73000. As long as this zone does not break decisively, the institutional accumulation thesis remains intact; once it breaks, the trend of this rebound will end completely, with a high probability of a decline into a lower range.
On-chain institutions further warned that if the support near $76000 fails, the next key support is at $75000, while under extreme sentiment, a pullback to the $60000 range is even possible.

III. In-depth market analysis: Gold’s simultaneous decline confirms that Bitcoin is not weakening alone
Many people mistakenly believe that Bitcoin has entered a bear market on its own, but in reality, global safe-haven assets are collectively selling off in this round. Pressured by high inflation and elevated U.S. Treasury yields, spot gold also plunged more than 1%, approaching $4358 per ounce. Notably, gold attracted $18 billion in ETF inflows in August, the second-highest inflow in history. Even with heavy institutional positioning, it still could not avoid a correction, fully demonstrating how hostile the current macro environment is to non-yielding safe-haven assets. Traditional stock markets also weakened in tandem, with the S&P 500 and Nasdaq indexes both falling by around 0.6%. Global risk assets are under pressure collectively, and Bitcoin’s decline is part of a macro systemic adjustment rather than a collapse in its own fundamentals.

IV. Outlook for the short-, medium-, and long-term trends
✅ Short term (1-3 days): Weak consolidation while seeking a bottom, with the bearish pattern continuingThe three major negatives—short-term rate-hike expectations, ETF outflows, and long liquidations—have not yet been fully absorbed, making it difficult to reverse the weak market structure. The price is highly likely to consolidate weakly in the $76000-$78000 range while repeatedly testing lower support. Focus on the short-term support at $76400 and strong support at $75000. If support breaks, the price will further test the core defense zone at $72000-$73000; overhead resistance is around $78500, and a weak rebound will likely be followed by continued consolidation and adjustment.
✅ Medium term (1-2 weeks): A recovery window may open after the negative factors are priced inThe core driver of this decline is the expectation of a September rate hike. As the Fed’s September 16 meeting concludes and the uncertainty is resolved, market sentiment is expected to recover. Combined with institutional statements that the bear market is nearing its end and the expected recovery of industry treasury companies, Bitcoin will most likely end its gradual decline and enter a range-bound rebound.
✅ Long term: The bottom is gradually solidifying, and the foundation of the bull market remains intactThis adjustment is a short-term sentiment-driven pullback caused by macro monetary policy, rather than a deterioration in industry fundamentals. The logic behind long-term institutional positioning, Bitcoin’s potential to replace gold, and the recovery of the industry ecosystem remains intact. The current adjustment is a deep shakeout during an ongoing uptrend, not a trend reversal into a bear market.

V. Key trading strategies and risk warnings
For holders: Reduce positions into strength and protect key support levels: The short-term weakness is clear. Positions can be reduced in batches when the price rebounds and spikes to lower exposure. Closely monitor the core defense zone at $72000-$73000; if it holds, positions can be maintained to trade a recovery, while a decisive break should be met with an immediate stop-loss to avoid risk.
For those without positions: Do not chase shorts or buy the dip; patiently wait for stabilization: The market is currently in a sentiment-driven sell-off, making bottom-fishing highly unattractive. Do not attempt to trade the bottom from the left side. Wait for shrinking volume and stabilization, a return of ETF inflows, and clear signs that the decline has stopped before considering an entry.
⚠️ Core risks: A larger-than-expected Fed rate hike, persistently rising inflation, continued heavy ETF outflows, a collective collapse in global risk assets, and a cascade caused by concentrated liquidation of leveraged funds.

All market data, information, and views in this article come from public sources and are intended only for industry review and educational purposes; they do not constitute investment advice.

Do you think Bitcoin will break below the key $72000 support in this adjustment, or stabilize and rebound here? Share your thoughts in the comments!$BTC