Bitcoin's price fell below $78,000 on Thursday, raising concerns over its ability to maintain momentum above $80,000. The cryptocurrency has faced net outflows from spot ETFs for four consecutive days, with $584 million in long positions liquidated earlier this week, dampening market risk appetite. Analysts suggest that without a recovery in on-chain spot demand, Bitcoin may continue to struggle in the short term. Glassnode reports that Bitcoin's spot Cumulative Volume Difference (CVD) has been negative for nine consecutive days, marking the longest period of net selling since 2026. Despite briefly reclaiming the $78,300 level during a rebound to $82,000, Bitcoin has since fallen back. Historical patterns suggest that Bitcoin may require an extended consolidation period to shift its market structure.