Bitcoin Slips Below $77.5K as Macro Pressure Overpowers ETF Inflows

Bitcoin has lost ground in recent trading, slipping below $77.5K as macroeconomic pressures offset increased demand for spot ETFs. The asset's price dropped by around 1.6% over the past 24 hours, with sellers pushing it to an intraday low of $77,318.

The decline took Bitcoin below its short-term support range of $77,700-$78,000, leaving it about 4.6% below its recent local high near $81,280. Despite this pullback, the asset remains well above its main daily moving averages, with the 20-day simple moving average standing at $73,198.

The relative strength index has fallen to 66 from an earlier overbought reading above 70, indicating a cooling of momentum in the market. Rising oil prices and higher bond yields are putting pressure on risk assets like Bitcoin, making government securities more attractive.

Despite this macroeconomic headwind, spot ETFs have continued to attract investor demand, with products from Farside Investors drawing in a combined $216.7 million during the latest trading session. However, it remains to be seen whether buyers can defend the $76,500 support zone and prevent further declines.