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Bitcoin Falls Below $77,000 Despite Record Highs in the US Stock Market
Bitcoin moved into a downward trend as active trading began on US exchanges. According to TradingView, shortly after the opening bell on Wall Street, the BTC/USD pair corrected below the $77,000 level.
According to analysts, the daily decline confirmed a trend that has emerged this week, where the start of US trading sessions has triggered waves of selling due to weak local demand.
Divergence From Stock Indices
The leading cryptocurrency moved contrary to the performance of the traditional stock market.
At the same time, the S&P 500 and Nasdaq-100 indices also recorded strong consolidation movements just below their record price levels.
Analysts at Mosaic Asset Company stated in their latest market review that current conditions could soon favour traditional equities.
“The average stock was showing negative divergence relative to the major indices, limiting breakout trading opportunities,” the specialists explained.
Source: Mosaic Asset Company.
Experts added that the market is currently entering a state of short-term oversold conditions.
Historical Retrospective
On 22 May, the global crypto community traditionally celebrates Bitcoin Pizza Day, marking the anniversary of the first recorded purchase made using Bitcoin.
Bitcoin’s price performance on this date throughout history highlights the scale of its market cycles:
- in 2009, the coin had no value;
- in 2010, it traded at $0.004;
- by 2016, the price had risen to $437;
- in 2021, it reached $37,477;
- the all-time peak came in 2025, when Bitcoin hit $111,723;
- in 2026, the price fell to $77,359.
The “Fed Chair Curse”
At the same time, Kevin Warsh officially assumed office today as the new chairman of the Federal Reserve System.
According to market analyst Merlijn The Trader, every appointment or reappointment of a Federal Reserve chair has coincided with Bitcoin reaching a major market peak followed by the start of a bear market.
The historical relationship between Bitcoin’s price and Federal Reserve leadership is as follows:
- in 2014, when Janet Yellen became Fed chair, Bitcoin later collapsed by 87%;
- in 2018, Jerome Powell taking office coincided with an 82% decline in Bitcoin;
- in 2022, following Powell’s reappointment for a second term, the cryptocurrency lost 77% of its value.
Source: Merlijn The Trader.
See also: "Detailed Report on the Current State of the Bitcoin (BTC) Market Published: Hashrate Drops Sharply"
