In recent weeks, Bitcoin surpassed the $82,000 mark, triggering strong excitement around a potential bull market. Some analysts argue that this rally is still in the early stages of a bullish cycle.
A series of major outflows from Bitcoin ETFs has exposed an uncomfortable dynamic: the price level that should attract buyers back into the market is instead triggering sell-offs. Bloomberg reported on the trend. According to K33 Research, US spot ETFs recorded massive outflows, with $1.7 billion withdrawn over five days. The selling pressure began when Bitcoin approached $83,000 — the average break-even price for ETF investors.
Bitcoin is trading at $77,208 on 22 May, remaining below all four EMAs, while spot Bitcoin ETFs are recording a second consecutive week of more than $1 billion in outflows. Meanwhile, Michael Saylor told CNBC that the market has already bottomed near $60,000 and is now entering what he describes as a “spring phase”.
As a reminder, Trump Media & Technology Group announced the creation of a Bitcoin reserve in May 2025. The company planned to invest up to $2.5 billion in Bitcoin using raised capital.
Bitcoin edged lower on Thursday near $77,000 levels and was set for a weekly loss, as a fresh wave of liquidations and lingering uncertainty over U.S.-Iran negotiations weighed on broader risk sentiment.
US Representatives Nick Begich and Jared Golden have introduced the American Reserve Modernization Act (ARMA) of 2026 — a bipartisan initiative that, if approved, would establish a US Strategic Bitcoin Reserve to be maintained for at least 20 years
Bitcoin is showing signs reminiscent of the 2022 bear market, raising concerns among analysts that prices could either decline sharply or enter a prolonged sideways phase.
Bitcoin lost its recent gains after failing to hold above the $78,000 level and falling back to just above $77,000.
On Wednesday, cryptocurrency exchange-traded fund (ETF) markets remained under pressure, with Bitcoin funds extending their losing streak to four consecutive sessions, while Ethereum ETFs recorded outflows for an eighth straight day.
Bitcoin traded in a volatile but narrow range, repeatedly attempting to establish itself above the $77,000 mark. After an overnight surge from $76,700 to $77,200, it reached a daily high of $77,604 before stabilising around $77,500.
Bitcoin rose close to $78,000 on Thursday as strong earnings from NVIDIA boosted optimism around artificial intelligence spending, while easing tensions in the Middle East supported demand for risk assets.
Around 10% of Bitcoin’s total supply is at risk due to the development of quantum computers, according to analytics platform Glassnode, which pointed to the need for implementing a quantum-resistant solution such as BIP-360.
Benjamin Cowen, one of the leading analysts in the cryptocurrency industry, warned investors in his latest analysis of the Bitcoin ($BTC) and stablecoin markets. Comparing current price movements with those seen in previous cycles, Cowen suggested that Bitcoin has not yet exited the bear market and that further declines may still lie ahead.
Two separate on-chain data sets published this week by CryptoQuant analyst Darkfost paint an uncomfortable picture of Bitcoin’s current market structure. Together, they point to a market that looks significantly different from previous cycles at similar price levels.
Bitcoin is trading at $76,818 on May 20 after falling below $77,000, as spot Bitcoin ETFs recorded nearly $1 billion in outflows across just two trading sessions. At the same time, stablecoin dominance continues to maintain a breakout structure, while analysts remain sharply divided on whether the market is entering a major accumulation phase or whether the broader bear market is still ongoing.
Although Bitcoin recently climbed above the $82,000 level, the asset failed to establish itself above its 200-day moving average. This has once again fuelled debate over whether the market has truly reached the bottom of the current cycle.
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