TechFlow News, May 21: According to The Block, Bitcoin fell below $78,000 on Thursday, fueling growing market concerns about its near-term rebound momentum. Data shows that Bitcoin spot ETFs have recorded four consecutive days of net outflows, while approximately $584 million in long-position liquidations early this week continue to weigh on market risk appetite. Analysts suggest that BTC is unlikely to sustainably hold above $80,000 in the short term until on-chain spot demand recovers.
Glassnode analysis indicates that Bitcoin’s spot Cumulative Volume Delta (CVD) has been negative for nine consecutive trading days—the longest net-selling period since 2026. Although BTC briefly reclaimed the critical “True Market Mean” level of $78,300 during its prior rally to $82,000, it has since fallen back below this threshold. Historical cycles show that BTC typically requires several weeks to months of consolidation within this zone before confirming a bull-to-bear structural shift.
