Bitcoin has fallen below the support area of $76,000 (this key level corresponds with the long-term realized cost basis), reflecting that the market is undergoing a reset, driven by ETF fund outflows, tightening liquidity, and macro risk aversion, rather than panic selling. This breakdown has triggered defensive position adjustments by traders, resulting in negative funding rates in the derivatives market and increased hedging volumes. Although prices have stabilized around $78,000, it is crucial for bulls to return to the $80,000 level, which would help rebuild spot demand and reduce downside consolidation risks.