Bitcoin’s price briefly approached $80,000 but then fell back down after a large amount of selling occurred in the derivatives market. Within a few hours, the price decreased by around 2.5%, dropping below $78,000.
Summary
- Bitcoin dropped below $78,000 after $1.35 billion in hourly sell pressure hit derivatives markets.
- Binance led the move with about $1.2 billion in sell volume within one hour.
- Analysts said negative funding and falling Binance reserves may point to stronger long-term holders.
According to CryptoQuant’s Darkfost, the recent price drop wasn’t triggered by any specific news. He believes it happened because of heavy selling in the futures market as Bitcoin neared $80,000.
According to Darkfost, Binance users sold approximately $1.2 billion worth of cryptocurrency in just one hour. Overall, Bitcoin trading platforms experienced about $1.35 billion in sales during that same hour.
According to the analyst, Binance is still the main platform for Bitcoin derivatives trading. This sudden price change caused Bitcoin to fall back down before it could reach $80,000.
Funding rates remain deeply negative
Darkfost pointed out that Bitcoin funding rates have been consistently negative for weeks, currently reaching a cumulative -7% over the past 30 days – a historically low level.
When funding is pulled back, it can initially cause prices to fall as traders who bet against the market increase their positions. But if prices then start to rise, those same traders may be forced to buy back in, which can actually push prices higher.
On-chain data points to stronger holders
GugaOnChain, an analyst at CryptoQuant, notes that Bitcoin’s recent price drops don’t quite match previous ‘panic selling’ patterns. Unlike in the past, major Bitcoin holders didn’t seem to rush to sell off their holdings during the recent global uncertainty.
According to the analyst, Bitcoin experienced some selling pressure after reaching its peak in 2025. Those who were quick to sell during the price drop were offset by more committed investors who bought at the lower prices.
GugaOnChain noted that Bitcoin’s recent price movements suggest a healthier market. The current price rebounded to around $79,000, while the realized price – a measure of the average cost of all Bitcoin – remained around $54,100.
Following the recent market disruption, Binance saw its Bitcoin holdings decrease by roughly 44,000 BTC. The analyst believes this indicates users are transferring their coins from the exchange to more secure, long-term storage solutions.
Bitcoin’s price is currently influenced by both short-term trading activity and more consistent buying interest. Traders are focused on whether recent negative funding rates will continue to push prices down, or if they might actually lead to a rapid price increase as traders are forced to cover their short positions.
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2026-04-27 10:56