Bitcoin slips after $30B wipeout

Bitcoin slid back toward $76,000 on April 28 after a second failed attempt to break above the $79,500 to $80,000 range. (coinmarketcap.com) CoinMarketCap said Bitcoin was down 2.03% over 24 hours to $76,183.39 by early April 28 in U.S. trading. The move followed a rejection near $79,500 during Asian hours. (coinmarketcap.com) The drop flushed out leveraged bullish bets. CoinMarketCap cited $87.24 million in 24-hour liquidations tied to the move, including $80.32 million from long positions. (coinmarketcap.com) That reversal landed after a strong run for spot Bitcoin exchange-traded funds. CoinDesk reported on April 24 that U.S. spot Bitcoin ETFs had pulled in about $2 billion over eight straight sessions. (coindesk.com) Even with that ETF demand, CoinDesk said short-term holders were starting to sell into strength. The late-April price action showed inflows alone were not enough to force a clean break above $78,000 and then $80,000. (coindesk.com) (coinmarketcap.com) Broader market pressure added to the hesitation. CoinMarketCap pointed to oil-market volatility and weaker U.S. buying signals, including a negative Coinbase Premium Index, during the selloff. (coinmarketcap.com) Recent price history shows how tight the range has become. CoinGecko data shows Bitcoin closed at $78,261 on April 23, $77,445 on April 24, $77,619 on April 25, $78,645 on April 26, and $77,361 on April 27 before the April 28 drop. (coingecko.com) CoinMarketCap flagged roughly $73,943 as a near-term support level and said a break below that area could open the way toward about $70,517. For now, Bitcoin is still trading well above its April 12 close of $70,757, but the late-April breakout has stalled. (coinmarketcap.com) (coingecko.com) The market is now back where it started: watching whether ETF demand can overpower profit-taking and leverage unwind, or whether $80,000 stays out of reach for another week. (coindesk.com) (coinmarketcap.com)