Crypto Market Retreats as Bitcoin Holds Near $78,000

Bitcoin's price has retreated to near $78,000 after a brief advance on Wednesday. The largest cryptocurrency is now down 5.1% from its recent high of $82,284.

The decline in Bitcoin's price has been accompanied by losses across the broader crypto market, with only five constituents of the CoinDesk 100 index higher over the past 24 hours.

Derivatives positioning suggests that traders are building shorts and anticipating a further decline. The taker long/short volume ratio has flipped bearish again, and cumulative futures open interest has dropped by 2% to $139 billion.