Bitcoin price is down 7.68% over the past 24 hours, trading near $77,400 after sliding from an intraday high of $84,466 to a low of $75,815. The asset is also down 13.53% for the week, placing BTC among the weakest large-cap cryptocurrencies.
Trading volume over the past day stands at $67 billion, down 6.36%, suggesting thin participation during the sell-off. The decline has been driven by a combination of macro risk-off pressure, institutional ETF outflows, and a confirmed technical breakdown.
Risk-Off Macro Backdrop and ETF Outflows Weigh on BTC
The Bitcoin price has come under sustained pressure as global markets digest a worsening macroeconomic backdrop. A partial U.S. government shutdown began on January 31 after Congress failed to fund the Department of Homeland Security. At the same time, President Donald Trump nominated Kevin Warsh, widely viewed as an inflation hawk, to serve as the next Federal Reserve chair.
The combination has prompted investors to adopt a defensive posture. Political uncertainty and the prospect of higher-for-longer interest rates tend to reduce appetite for volatile assets such as Bitcoin. The risk-off shift has not been confined to crypto; gold and silver have lost approximately 10% and 25%, respectively, over the same period.
Institutional behavior has further reinforced the downside. U.S. spot Bitcoin ETFs recorded net daily outflows of $817.87 million on January 29, the largest single-day withdrawal in more than two months. January’s cumulative ETF outflows are estimated at $1.1 billion, with $509.70 million on January 30. ETFs remain a primary gateway for institutional exposure, and persistent redemptions translate directly into sell-side pressure.
Derivatives data show stress building across the market. Nearly $2.52 billion in crypto positions were liquidated over the past 24 hours, with $2.40 billion coming from long positions. Open interest in Bitcoin futures has slipped to $60 billion, down from a year-to-date peak above $66 billion, suggesting traders are reducing leverage rather than positioning for an immediate rebound.
Bitcoin Price Breaks Wedge Structure as Momentum Remains Bearish
Bitcoin price has broken down from a broad rising wedge pattern on the weekly chart and decisively lost the $82,503 support level. The move confirmed a broader bearish flag formation and triggered a cascade of stop-loss orders.
Price is now trading below the 50-week exponential moving average and the Supertrend indicator. BTC has also slipped under the 38.2% Fibonacci retracement near $83,000, reinforcing the loss of medium-term trend support.
Momentum indicators remain weak. The daily relative strength index is near 24, placing Bitcoin in oversold territory, yet there are no signs of stabilization. MACD readings remain negative, and a large majority of short-, medium-, and long-term moving averages are flashing sell signals.
From a structure standpoint, sellers appear focused on the next major support near $70,250, as BanklessTimes recently forecasted, which aligns with the 50% Fibonacci retracement and a prior consolidation zone. On the upside, BTC would need to reclaim $97,865 and then the psychological $100,000 level to challenge the prevailing downtrend.
For now, Bitcoin price continues to trade heavily, with macro uncertainty and institutional distribution keeping pressure firmly on the downside.
