Bitcoin holds $77,700 as analysts flag $75K–$77K support after leverage flush

Bitcoin hovered near $77,700 after briefly dipping below $77,000, with derivatives data pointing to a leverage flush rather than a structural breakdown. Open interest held relatively steady and funding rates stayed subdued through the selloff — a pattern HashKey Research's Tim Sun says reflects de-risking, not capitulation.

Sun noted that no significant buildup of leveraged longs preceded the drop, meaning most of the liquidated positions were short-term bottom-fishers rather than structural bulls. CoinGlass data showed $200 million in crypto liquidations over the past 24 hours, split nearly evenly between longs and shorts — consistent with a volatile market whipping both directions rather than a one-sided flush.

The macro backdrop is the more pressing concern. The U.S. 30-year Treasury yield recently pushed above 5%, raising the opportunity cost of holding non-yielding assets like…