Bitcoin continued to weaken after failing to hold $78,500, with BTC trading below $78,000 and the 100-hour simple moving average. Price printed a low at $76,561 and is consolidating, while resistance is seen around $77,700 and $78,650 and support levels include $76,500 and $75,800. The report also notes RSI is below 50 and hourly MACD remains in bearish territory.

Bitcoin extended its drop after failing to hold $82,000 on Thursday evening, falling to $76,650 on Bitstamp and erasing more than $5,000 from the peak. The selloff triggered over $660 million in liquidations over 24 hours, with more than $610 million occurring within roughly 1–2 hours as BTC slipped below $76,700.

Bitcoin traded near $78,180 on Sunday, down about 1.1% over 24 hours after briefly topping $82,000 following the US Senate Banking Committee's 15-9 passage of the Digital Asset Market CLARITY Act on May 14. The pullback coincided with April PPI showing inflation up 1.4%, $635 million in net spot Bitcoin ETF outflows on May 13, and roughly $77.95 million in long liquidations as price failed near the 200-day SMA around $82,270.

Bitcoin's drop below $77,000 triggered roughly $660 million in leveraged liquidations over the past 24 hours, with long positions taking most of the losses. The sell-off pushed BTC to an intraday low of $76,696 and wiped out 106,876 traders. In a concentrated 12-hour stretch, forced closures totaled over $618.04 million, while Binance accounted for 45% of liquidations and Bybit logged $104 million.

Analysts are debating whether Bitcoin could see another sharp May sell-off in 2026, echoing declines that followed US mid-term election years in 2018 and 2022. Bitcoin was around $76,900 at the time of writing, down 5.6% over the past seven days, as some warn of capitulation risks below $78,000 while others argue market structure changes may limit drawdowns.

Bitcoin (BTC) has experienced a sharp correction, erasing its mid-week gains and slipping below the critical $77,000 mark. After flirting with an $83,000 milestone just days ago, the world's leading cryptocurrency is facing a cocktail of macroeconomic pressures, intense geopolitical strain, and a massive wave of futures liquidations.

Bitcoin fell below $77,000 and traded around $76,851, after two Binance taker sell-volume surges above $1 billion hit the market. The daily RSI dropped to 44.64—its first reading under 50 since the February recovery began—while MA200 at $81,462 remained overhead and MA50 at $75,640 stood as the nearest support.

An on-chain study says Bitcoin is entering a new phase marked by widening differences between whale and retail behavior. In an X post dated May 16, Joao Wedson said the Whale vs Retail Delta metric has fallen to its lowest level since January 2024, a period tied to the U.S. spot Bitcoin ETF launch and notable whale selling pressure. Bitcoin was quoted at $78,188 at the time of writing, while U.S. BTC spot ETFs showed a weekly net outflow of $1 billion as of May 15.