Bitcoin Retreats Below $76,000 as Macro Headwinds and Technical Resistance Mount

Bitcoin (BTC) slipped below the $76,000 level on Tuesday after failing to overcome a significant supply zone between $78,000 and $80,000. The asset's recent 30% recovery from February lows has stalled, with the 20-week exponential moving average (EMA) now acting as a primary ceiling for price action. Market volatility has been exacerbated by uncertainties surrounding the Strait of Hormuz and broader macroeconomic instability. Technical analysis indicates a tight market structure, described as a 'liquidation sandwich,' with dense ask orders around $78,600 and strong bid support below the current spot price. Onchain data from Glassnode suggests a divergence in sentiment: while spot Cumulative Volume Delta (CVD) surged nearly 200% over the last week to $54.8 million, overall spot volume fell 13.8% to $5.99 billion. Network participation also showed signs of cooling, with daily active addresses declining by 1.6%. This subdued activity is mirrored in the Swissblock Bitcoin Fundamental index, which currently suggests that while the price structure remains inclined toward the upside, the underlying fundamentals remain weak. Institutional appetite is showing signs of fragmentation. Although MicroStrategy continues its aggressive accumulation, US-based spot Bitcoin ETFs have shifted to negative territory, recording outflows of $273 million. Traders are now closely watching the $75,500 to $76,000 range, which serves as a critical support zone where a significant volume of BTC was previously acquired.