Despite testing 79.5K, selling pressure accelerated with the US market open. BTC lost ground at 78K and 77K respectively, falling to 76.4K. A similar pattern was observed in ETH; after testing 2400, the price retreated to 2266. There is no single catalyst triggering this movement. Rising oil prices, weakness in the dollar index, the upcoming Fed week, and increasingly uncertain macroeconomic headlines all weighed on risk appetite.

In total, approximately $295 million in liquidations occurred, the majority of which consisted of long positions. Funding rates remaining at neutral levels indicate that there is no excessive short accumulation in the market. This structure points to a search for equilibrium, where overly optimistic long positions are being liquidated, rather than a classic short squeeze.

One of the critical thresholds is the 75.5K level. The proximity of institutional cost bases to this region increases the likelihood of a strong reaction if the price approaches it. However, a loss of this level could accelerate downward liquidation.

Short-term technical outlook:
The 76K band is the first line of defense. A sustained break below this level would bring the 75K test into play.
A close above 78K would bring the structure back into a neutral-positive zone.
The 79.5K–80K range remains a strong resistance zone.

ETH is relatively weaker. A sustained break below 2300 widens the downward gap. The decline in the ETH/BTC ratio is the main reason for the pressure on the altcoin market.

A divergence in sentiment is noticeable. The rise in the fear and greed index while the price is pulling back indicates that the risk in the market has not been fully cleared. Such divergences are usually balanced not by the price, but by a decline in sentiment.

Overall assessment:
This movement is neither a peak formation nor does it generate a strong bottom signal. It should be interpreted more as an interim correction and rebalancing process occurring in a highly leveraged environment.

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