Bitcoin touched $79,000 for the first time in over a month this morning, opening the final few days of April with strong momentum. The excitement was short‑lived. BTC just flash crashed to $77,500, wiping out over $68 million in long liquidations in the last hour alone. Total crypto market cap lost $41 billion, with Bitcoin erasing $27 billion of that by itself. Let’s understand what actually happened with Bitcoin today.
The sudden drop triggered a cascade of leveraged long positions, with over $68 million liquidated in 60 minutes. Such sharp reversals after touching round‑number resistance levels are not uncommon, but the speed caught traders off guard. The move appears mechanical – thin order books around $79K combined with over‑leveraged longs created a perfect squeeze to the downside.
Despite the crash, the broader structure remains intact. Support near $76,500 held, and BTC quickly bounced to $77,500. The question now is whether the retest of lower levels will attract buyers or signal a deeper correction.
What you'll learn 👉
Why Bitcoin Is Still Bullish – Regulatory and Macro Catalysts
Two major regulatory developments are supporting Bitcoin’s longer‑term outlook. The SEC and CFTC jointly labeled 16 major assets, including BTC and ETH, as “digital commodities,” easing legal uncertainty and strengthening institutional confidence. This classification removes a key overhang that had kept many traditional funds on the sidelines.
Additionally, anticipation is building around the upcoming FOMC meeting and continued progress on the CLARITY Act. Any dovish signals from the Fed or legislative clarity on crypto market structure could act as fresh catalysts. The macro backdrop is slowly turning in Bitcoin’s favor, even if today’s price action feels chaotic.
As of today (late April 2026), no official markup date has been set. Analysts at Galaxy and other firms place the bill’s chance of becoming law in 2026 at roughly 50/50, with odds falling sharply if a Senate Banking Committee vote slips beyond mid‑May.
Read also: ChatGPT Predicts XRP and Bitcoin Prices If the Clarity Act Fails
KALEO’s Take – Breakout Retest Holds the Bitcoin Key
Analyst KALEO tweeted a chart making a clear bullish argument: Bitcoin has likely already put in its bear‑market bottom, and the recent breakout/retest structure could mark the start of a larger upside move. The chart highlights several past moments where BTC broke above a descending resistance line, retested it, and then moved sharply higher. He compares the current setup to those earlier breakout points.
The current BTC price area on the chart is around $78,000. The key technical point is the descending trendline from previous highs. BTC appears to have broken above that line and is now retesting it near the $73,000‑$80,500 zone. If that retest holds, the bullish case strengthens – the downtrend has ended and buyers are taking control. A failed retest would weaken the setup and could send price back toward the $67,000‑$61,000 region.
KALEO also comments on the common criticism that Strategy (MicroStrategy) only buys near local tops. He argues that narrative may flip – recent buying could end up looking smart if BTC continues higher over the next several months. The bullish case is strongest if BTC holds above the breakout line and starts forming higher lows. If that happens, the next major upside zones would be $88,000‑$96,000, then $104,000+, with the prior high area near $120,000‑$126,000 as the larger target.
Other Bitcoin News – MicroStrategy and ETF Inflows
MicroStrategy, led by Michael Saylor, now holds 815,061 Bitcoin, valued at approximately $63.64 billion. The firm’s average purchase price is $75,528, and it has executed 107 separate purchases, including recent buys between $80,000 and $110,000. That level of institutional conviction provides a floor under the market – large buyers are not panicking.
Spot Bitcoin ETFs saw $824 million in weekly net inflows from April 20 to April 24, marking four consecutive weeks of gains. Spot Ethereum ETFs added $155 million (three weeks of inflows). Spot SOL and XRP ETFs also recorded smaller but positive inflows.
This consistent institutional buying means that the flash crash may be a temporary blip, not a trend reversal.
Bitcoin Price Outlook – What’s Next
In the short term, Bitcoin’s ability to hold above $76,500 is critical. A daily close below that level would open the door to $74,000, then $72,000. But if the $79K rejection was just a liquidity grab, BTC could consolidate between $77,000 and $79,000 and attempt another breakout next week.
The most likely scenario is continued volatility with a slight upward bias. ETF inflows and institutional buying provide support, while the $79K‑$80K zone remains stiff resistance. A clean break above $80K would likely trigger a wave of short covering and new FOMO, targeting $85K‑$88K in early May. Until then, expect range‑bound action with occasional sharp wicks.
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