Bitcoin (BTC) Reclaims $78,000 After $244 Million Liquidation Wave

Liquidations Hit $244 Million

Bitcoin briefly lost the $78,000 line on Monday before dip buyers dragged it back, and the recovery came at a cost for leveraged traders. Market data shows the asset slid to an intraday low of $77,603 before bid-side interest — concentrated among larger holders stepping in at the lows — lifted price back toward $78,600, with a settlement at $78,424, down 1.14% on the day. Total Bitcoin and broader digital-asset liquidations over the session reached $244.18 million, of which $156.77 million came from long positions against $87.4 million in shorts — leveraged bulls absorbed the bulk of the pain. Notably, aggregate open interest rose 4.26% to $422.63 billion even as prices fell, and derivatives volume jumped 14.75% to $721.29 billion, a sign traders are expanding directional bets rather than de-risking. The macro backdrop did no favors: stronger-than-expected US employment figures and rising crude prices have revived the possibility of additional Federal Reserve rate hikes, keeping risk assets cautious ahead of August PPI on September 10 and CPI on September 11. Trader Michaël van de Poppe flagged $74,000 as the downside scenario if $78,000 breaks, though he views such a drawdown as an accumulation window for those inclined to hodl through the macro noise; analyst Ted Pillows pointed to a fresh daily golden cross but weakening spot demand, arguing a weekly close above $83,000 would open a path toward $100,000.

Call Bets Build as ETF Inflows Triple

The struggle to hold $80,000 stands in sharp contrast to how positioned traders expect the next leg to unfold. In the options market, Bitcoin's 25-delta skew flipped from +0.79% to -2.05%, meaning call options now command a premium over puts — investors are paying up for upside exposure ahead of the inflation prints. Institutional channels moved the same direction: weekly net inflows into US spot Bitcoin ETFs reached $681.2 million, roughly 2.7 times the prior reading of $247.8 million, and ETF assets under management climbed 19.2% to about $12.1 billion. Yet none of that optimism has yet converted into actual spot buying on exchanges. The spot cumulative volume delta — a measure of which side dominates market orders — improved to -$29.6 million from -$84.9 million, but it remains negative, meaning aggressive market sells still outnumber market buys. Perpetual funding payments also fell 32.8% to $1.3 million, indicating leveraged longs are no longer paying heavily for conviction, while futures open interest stayed elevated near $37 billion. The market's own scoreboard is unambiguous: a durable break above $80,000 likely requires spot CVD flipping positive, confirming that derivative expectations are finally being backed by real orders.

Leverage Grows as Spot Momentum Cools

On-chain and flow data reveal the same tension underneath. After spending most of the past two weeks inside the $77,300-$81,300 range established in late August, Bitcoin is holding near $79,100 with a weekly gain of roughly 0.7% — but spot momentum indicators have deteriorated markedly, sliding around 30% to 54.6 and returning to the middle of their statistical bands. Spot trading volume has barely moved at about $3.5 billion, while adjusted on-chain transfer volume fell 12.8% to $5.0 billion, network fees dropped 4.8% to $213,000, and active addresses held flat near 635,000. The one signal still flashing constructively is capital formation: monthly realized market-cap change accelerated to 0.8%, and the share of "hot capital" — short-term, price-sensitive coins moving on-chain — rose to 30.1%, showing fresh money continues to enter the network despite the sideways tape. Whether that inflow translates into spot demand once macro uncertainty clears is the question that will decide if the range resolves upward. Readers tracking the market in real time can follow live spot and futures prices on MEXC.

$79,276 Resistance in Focus

COINOTAG's proprietary 42-indicator composite S/R scoring engine rates the $79,276 resistance at 79/100, driven by the confluence of Ichimoku Tenkan, the pivot point and a Fibonacci retracement, with the next shelf at $80,885 scoring 71/100 via Keltner Upper, Bollinger Upper and R3. The $77,648 support carries a strong 78/100 rating from Fibo 0.214, EMA 20 and S3; losing it opens $76,264, a moderate 49/100. Our derivatives aggregate across Binance, Bybit and HyperLiquid shows funding at 0.0026%, open interest of $15.5 billion and a long/short ratio of 1.40 (58.3% long) — crowded but not euphoric, with the Fear & Greed Index at 69 (Greed). RSI at 60 and a bearish MACD tilt favor consolidation: holding $77,648 sets up a retest of $79,276, while a close below it invalidates the near-term bullish case.