Bitcoin drops under $74,000 after May selloff as Glassnode flags stalled momentum

Bitcoin fell below $75,000 for a second time in May, sliding to about $73,600 at publication and printing a session low near $72,600 after an earlier intraday dip around $74,200. May 23 marked the first break under $75,000, which coincided with spot ETF outflows and forced liquidations. Glassnode argues the $75,000–$78,000 zone is acting as a ceiling, with more than $8 billion of negative gamma near $75,000 and roughly $2.26 billion in US spot Bitcoin ETF outflows over two weeks through late May.