Bitcoin Holds Near $77,400 as Nasdaq Wins BTC Options Approval

Bitcoin trades around $77,400 after breaking below the $80,500 daily-close level on May 20 amid $350 million in ETF outflows, hotter CPI/PPI prints, and $660 million in liquidations. Earlier bullish momentum from the May 6 Kumo breakout and an imminent MVRV golden cross had targeted $92,000, yet repeated rejections at the 200-day EMA near $82,000 shifted bias lower. The market now consolidates between $75,000 and $80,000 while testing whether spot demand can overcome macro headwinds, as Nasdaq PHLX received conditional approval to list cash-settled Bitcoin options.