Bitcoin V-reversal wicks to $76,100 with weak rebound, 64,000 liquidated for $214M, longs tragically account for 64%

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Bitcoin rebounded slightly from its 5/23 trough of $74,501 to $77,096 (+0.31%), but the bounce lacks strength; ETH, SOL, and XRP all remain in the red. Over the past 24 hours, network-wide liquidations totaled $214 million, hitting 64,000 traders, with longs accounting for 64% — indicating that the choppy bearish pattern remains intact. The Fear Index sits at 30, with the market still in the panic zone. (Background: Bitcoin dropped to retest $76,000, ETH fell below $2,100! Network-wide liquidations hit $53 million in the past 4 hours) (Context: Inflation rebounds! U.S. March PCE rose 3.5% YoY, matching expectations, with surging energy prices blocking Fed rate cuts) Bitcoin extended its low-level consolidation over the weekend, failing to mount an effective rebound. After topping at $81,939 on May 12, it declined steadily, bottoming out at $74,501 on May 23 (the lowest in nearly 14 days), then ticked up modestly to $77,096 in Sunday's early session, with a 24-hour gain of only +0.31%. The 24-hour range sat between $77,543 and $76,108, with sluggish price action. ETH weakened in tandem, now at $2,104.78 (-0.79%), also not far from its May 23 trough of $2,025, with notably weak rebound momentum. According to CoinGlass data, total network-wide futures liquidations over the past 24 hours reached $214 million ($214.23M), affecting 64,516 traders. Long liquidations totaled $137.5 million (64% share), while short liquidations were $76.72 million (36% share). The severe imbalance reflects the past day's bearish chop, with longs being washed out en masse during sharp sell-offs. The single largest liquidation occurred on Binance's BTC/USDT futures, amounting to $11.81 million. Over the past 12 hours, liquidations reached $169.6 million (longs $124.9 million / shorts $44.67 million), and over the past 4 hours, $50.63 million — indicating intermittent intraday sell-off pressure persists. This low-level rebound has been unable to break out on volume, weighed down by three core pressure lines overhead. First, the Fed maintains a hawkish stance. At the April 29 FOMC meeting, the committee voted 8-4 to hold rates at 3.5-3.75%, with the 4 dissents being the most since 1992. The market now broadly expects no rate cuts for all of 2026. March PCE inflation rose 3.5% YoY (core 3.0%), and surging energy prices continue to block room for easing. Second, Bitcoin spot ETFs are bleeding heavily. During the week of May 11-15, BTC spot ETFs saw combined net outflows of $1.039 billion, breaking a prior six-week net inflow streak. BlackRock's IBIT posted a single-day max outflow of $448.4 million, with total BTC ETF AUM falling below $101 billion — the first time since late April. Third is the uncertainty around Powell's handover. After Powell's term ended on May 15, he announced he would "step down but not retire," continuing to defend Fed independence as an ordinary governor. However, the successor chair remains undecided, and market uncertainty over the monetary policy trajectory continues to suppress risk appetite. Solana is currently at $85.45 (-0.64%), with a 24-hour range of $87.00 to $83.70 — down over 12% from its May 12 peak of $98.10. While the May 23 trough of $81.92 hasn't been broken again, the rebound has been limited. XRP is at $1.3518 (-0.81%), with a 24-hour range of $1.371 to $1.3326, still notably below its May 15 swing high of $1.54. Although the May 23 low of $1.31 has held, it remains in an overall downtrend. The Alternative.me Fear and Greed Index reads 30 (Fear) today, just climbing from yesterday's 25 (Extreme Fear), with last week's same-period reading at 28 — showing market sentiment has been compressed at the bottom of the panic zone for consecutive days, only just beginning to stabilize at the edge. At Thursday's U.S. market close last week, the S&P 500 finished at 7,473.47 (+0.37%) and Nasdaq closed at 26,343.97 (+0.19%). Stocks edged higher but with weak momentum, providing limited lift for the crypto market. Key points to watch going forward: whether BTC ETF flows stem the bleeding and reverse this week, whether Fed officials deliver dovish signals, and whether BTC can hold above $77,000 to defend short-term support. If ETF net outflows persist and macro data weakens again, the $74,500 trough may face a second test.

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