Bitcoin to $78K wipes out $552M in leveraged longs overnight

Bitcoin Breaks Below $78K as Leveraged Longs Take the Hit

Bitcoin ($BTC) slid 3.2% to near $78,000 during Asian trading hours on Saturday, erasing the gains built over the prior week. The move was swift enough to trap a large cluster of leveraged buyers, setting off a cascade of forced closures across derivatives markets.

According to CoinGlass data, total liquidations over the 24-hour period reached roughly $573 million, with long positions accounting for the vast majority, around $546 million. That long-skewed breakdown reflects how heavily bullish the market had become heading into the weekend, leaving it exposed once selling pressure took hold. The event triggered the unwinding of highly leveraged long positions, creating a feedback loop: slipping prices triggered stops, which pushed prices lower.

On the 24-hour chart, Bitcoin recorded a low of $77,630 and a high of $79,516 before closing around $77,800.The breach of the $80,000 zone turned previous support into resistance, confirming bearish momentum in the short term.

Altcoins Feel the Pressure Across the Board

The sell-off was not confined to Bitcoin. $SOL dropped 5%, $XRP fell 4.3%, and $ETH declined 3.3% over the same period, reflecting broad risk-off sentiment across the market.

The downturn also coincided with renewed pressure from spot Bitcoin ETF outflows. Weekly outflows from U.S.-listed Bitcoin ETFs hit their highest levels in months, recording a net outflow of $1 billion for the week ended May 15, 2026, per data compiled by SoSoValue. This represents a complete reversal from six successive weeks of inflows, reflecting weakening institutional interest.

CoinGlass data from May 14 showed an estimated $1 billion of long positions on major exchanges could be liquidated if Bitcoin falls below $78,000, a level that has now been tested. If Bitcoin slides below that threshold, forced closures of long positions could add sell pressure at the same time spot demand is already weakening, potentially turning an ordinary pullback into a sharper deleveraging move.

For now, traders are watching whether the $78,000 area can hold as a base or whether further downside opens toward the late-April lows. The next meaningful resistance sits near $82,400, Bitcoin's 200-day moving average.

Sources:
Crypto Times: Bitcoin Drops to $78K, Wipes Out $80 Billion in Two Days
MEXC News: Bitcoin Traders Brace for $1 Billion Liquidation Trap
CoinGlass: Real-Time Crypto Liquidation Data