On Wednesday, Bitcoin’s price showed downward momentum, falling below the $75,000 mark and trading at $74,570 at the time of writing. This decline led to a loss of nearly 3% of its weekly value and once again pushed its market capitalization below $1.5 trillion.
Bitcoin’s ($BTC) loss of gains since the start of the month may signal the arrival of seasonal weakness at the beginning of summer, reflected in the saying “sell in May and go away.”
Bitcoin continues to face growing pressure after failing to reclaim the $82,800 resistance zone earlier this month. The latest correction has pushed $BTC toward the $75,000 area, where traders are now watching for signs of stabilization. At the same time, institutional sentiment has weakened, as BlackRock’s spot Bitcoin ETF recorded another day of strong outflows.
Bitcoin has once again found itself in a narrow range. The price bounced from the area around $74,500 but has not yet managed to return above the key on-chain levels near $77,000. Against the backdrop of a major options expiry on May 29, the market is effectively squeezed between two important marks: $75,000 below and $80,000 above.
The cryptocurrency market has successfully withstood one of the largest tests of institutional liquidity in recent times. A hidden sell-off worth $1.29 billion in BlackRock’s spot Bitcoin ETF (IBIT), issued by the world’s largest asset-management company, did not cause lasting damage to Bitcoin’s price. The market absorbed this massive selling pressure like a sponge, demonstrating a strong position.
The leading cryptocurrency, Bitcoin ($BTC), weakened and fell to the $75,000 level, in contrast to the upward trend in global stock markets. Major altcoins such as XRP, Ethereum ($ETH), and Solana ($SOL) also declined during the same period.
Crypto analyst and video blogger Benjamin Cowen suggested that Bitcoin could retest the $60,000 level this year. According to Cowen, this potential correction could be followed by a new bullish cycle in the market. The experienced analyst predicts that the final bottom of the current market cycle will be reached in October of next year.
On Tuesday, May 26, inflow dynamics across cryptocurrency ETFs were mixed: Bitcoin and Ether ETFs collectively lost $368.75 million as both categories continued their outflow streaks. Altcoin products softened the picture: $HYPE ETFs attracted $20.45 million, while $XRP ETFs brought in $1.55 million, whereas Solana ETFs recorded no trading activity.
According to Grayscale, Elon Musk’s SpaceX could become the most valuable public company holding bitcoin after its expected IPO, while Strategy is likely to remain the largest holder by $BTC volume. Its S-1 filing lists 18,712 $BTC under “digital assets”.
Bitcoin fell below the $76,000 mark on Wednesday, as renewed geopolitical tensions in the Middle East and significant outflows from exchange-traded funds (ETFs) put pressure on the cryptocurrency market — even despite gains in technology stocks on Wall Street and in Asia.
On Tuesday morning, bitcoin experienced a sharp $2,000 drop, falling below the $76,000 support level just three hours after reaching a peak of $78,000.
The crypto ETF market has started to change sharply. While hundreds of millions of dollars continue to flow out of bitcoin and Ethereum funds, some capital is unexpectedly shifting towards more aggressive altcoin stories — primarily $HYPE from Hyperliquid.
Strategy has repurchased $1.5 billion of its own convertible notes maturing in 2029. The transaction was carried out at a discount of around 8% to par.
Against the backdrop of growth in the main stock indices of major equity markets, bitcoin’s performance is lagging significantly. Experts have linked this to record capital outflows from exchange-traded funds and a shift in investor interest towards the AI sector.
Bitcoin’s expected volatility has fallen to a 9-month low amid sluggish trading and an outflow of speculative capital, Bloomberg reports. The Bitcoin Volmex implied volatility index dropped to 36.11, its lowest level since September last year.
Bitcoin dropped below the $77,000 mark on Tuesday amid renewed U.S. strikes on Iranian targets, which weakened hopes for a near-term peace agreement and added pressure to the world’s largest cryptocurrency alongside slowing inflows into exchange-traded funds (ETFs).
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