Wintermute: BTC must hold the 50-week moving average at $76,800

Wintermute's latest market report flags that after Bitcoin's drop below $80,000, the market remains weak following liquidations tied to the Binance incident, with the 50-week moving average near $76,800 identified as the next critical support level. The market maker notes that post-drop buying has come mainly from leveraged perpetual contracts, lacking support from spot demand and new capital inflows. Wintermute said it would abandon its short-term cautious stance if Bitcoin recovers and holds $80,000 with buying driven by spot and ETF flows, but would turn further bearish if the 50-week moving average breaks. The report underscores thin spot participation as a key vulnerability in the current market structure. Traders should watch whether spot and ETF inflows materialize at the $80,000 level and whether the $76,800 support holds.