Bitcoin Recovers Near $77K Resistance as May Bearish Charts Signal Downside Risk

Bitcoin is recovering toward $77,000 resistance after tumbling to a $74,940 low on April 30 amid spot volume at its weakest since October 2023. The cryptocurrency rallied 11% in April, peaking at $79,490 on April 27, but suffered repeated rejections at $78,000-$79,000, followed by $352M spot ETF outflows over two days and a Fear & Greed Index plunge to 31. Open interest dropped to $55B as MACD and RSI confirm bearish momentum, with traders watching a $1.4B long liquidation cascade at $73,500 despite historical May average gains of +8%.