Key Numbers

  • $77,000 — Bitcoin price at press time (FXStreet Crypto, 23 May 2026)
  • $180 million — Shorts wiped out in the last 24 hours (FXStreet Crypto, 23 May 2026)
  • 52% — Profit‑taking outpaced fresh demand on Bitcoin’s rally (Glassnode, 22 May 2026)
  • $58 — Target price cited for DASH by bullish analysts (AMBCrypto, 21 May 2026)

Bottom Line

Bitcoin’s rally stalled as profit‑taking erased $180 million of short exposure. Holders should brace for renewed volatility and consider tightening risk controls.

Bitcoin traded at $77,000 on Thursday, while $180 million of crypto shorts were liquidated in the prior day. The squeeze removes a key support, meaning price swings could intensify for short‑term traders.

Why This Matters to You

If you own BTC, the loss of short‑covering support raises the chance of a pullback below $75,000. Traders relying on ETF‑driven inflows should watch for a shift in order flow that could reverse the current upside.

Profit‑Taking Undermines BTC Rally

Glassnode reported that profit‑taking accounted for 52% of on‑chain activity, outpacing fresh buying demand (Glassnode, 22 May 2026). This imbalance suggests that the recent price climb toward $82,000 was built on thin liquidity. As sellers lock in gains, the market loses a critical buffer against downside pressure.

On‑chain metrics show a decline in net inflows, indicating fewer new holders entering the market (Glassnode, 22 May 2026). Without fresh demand, any negative catalyst could trigger a sharper correction.

ETF Inflows Keep BTC Above $77K

Despite the profit‑taking, strong inflows into Bitcoin exchange‑traded funds (ETFs) helped keep the price above $77,000 (FXStreet Crypto, 23 May 2026). Institutional capital is still flowing, providing a floor that may absorb some selling pressure.

This support is fragile; a slowdown in ETF subscriptions could remove the price cushion within weeks (FXStreet Crypto, 23 May 2026). Investors should monitor ETF net asset flows for early signs of a shift.

Dash Momentum Could Reach $58

AMBCrypto highlighted a bullish case for DASH, projecting a rally toward $58 if current momentum continues (AMBCrypto, 21 May 2026). The argument rests on rising privacy‑coin demand and upcoming network upgrades.

Should DASH break key resistance, it may attract short‑term capital chasing high‑beta opportunities, adding another layer of market dynamism.

What to Watch

  • Watch BTC/USD reaction to the next ETF inflow report (next week) — a dip in net inflows could push BTC below $75K.
  • Monitor Glassnode profit‑taking index for weekly changes (this week) — a rise above 55% would signal deeper downside risk.
  • Track DASH price near the $55 resistance level (next month) — a breakout could validate the $58 target.
Bull CaseBear Case
ETF inflows stay strong, providing a price floor for BTC.Profit‑taking dominates, stripping liquidity and exposing BTC to a sharp pullback.

Will renewed ETF demand be enough to counteract the profit‑taking wave and keep Bitcoin’s rally alive?

Key Terms
  • Profit‑taking — Selling an asset after a price rise to lock in gains.
  • Short positions — Bets that an asset’s price will fall, often liquidated when the price rises.
  • ETF inflows – New capital entering exchange‑traded funds that hold the underlying cryptocurrency.