Bitcoin Price Slumps as Resistance at $78,600 Fails to Materialize

Bitcoin (BTC) is trading near $76,200 after experiencing a volatile week. The price briefly touched $80,000 but failed to hold onto gains, leading to a 4% decline over seven days.

The failure of the CLARITY Act vote and the Federal Reserve's rate increase added pressure to the market. Technical indicators now point to resistance near $78,600, while liquidation data places the main downside liquidity cluster around $74,600.

Chaikin Money Flow has fallen to -0.11, indicating that selling pressure has exceeded buying pressure over the indicator's 20-period window. A return above zero would signal improving capital flows, while a deeper negative reading would add weight to the bearish setup.