Bitcoin Fails to Capitalize on Bill's Boost...Hits $82,000 and Dips Below $78,000

▲ Bitcoin (BTC) Price Drop

Bitcoin (BTC) rebounded to $82,000 with the progress of the U.S. cryptocurrency market structure bill, but the upward trend did not last even a day. As selling pressure once again dominated the market, Bitcoin fell below $78,000, and major altcoins such as Hyperliquid (HYPE), Zcash (ZEC), and Solana (SOL) also plummeted.

According to Cryptopotato on May 16 (local time), Bitcoin approached $83,000 on the 7th but was immediately met with resistance and fell to $79,000 two days later. Subsequently, buying pressure re-entered, and it retested $82,000 several times on Monday and Tuesday, but failed to achieve further gains.

Worrisome inflation indicators in the U.S. also fueled selling sentiment. Bitcoin was rejected once again at $81,200, then fell to $78,800 on Wednesday. Subsequently, it sharply rebounded to $82,000 on Thursday, boosted by positive news that the U.S. cryptocurrency market structure bill passed the Senate Banking Committee, but the bullish momentum was short-lived.

The decline in the last 12 hours has been particularly severe. As selling pressure regained market dominance, Bitcoin fell below $78,000, its lowest level since the beginning of this month. Bitcoin's market capitalization shrank to $1.56 trillion, and its market share against altcoins rose to 58.4%.

The impact on the altcoin market was even greater. Ethereum (ETH) fell by more than 3.5% to a multi-week low of $2,170, and BNB dropped 4.5% to $650. XRP is struggling to hold around $1.40, and Solana plummeted 5.5%.

Among large altcoins, HYPE showed the largest decline. After a sharp rise the previous day, Hyperliquid fell 10%, attempting to defend the $40 mark. Zcash, Chainlink (LINK), CC, SUI, and Avalanche (AVAX) also dropped significantly, while STABLE, VVV, and Ethena (ENA) recorded double-digit declines in a single day. The total cryptocurrency market capitalization evaporated by $100 billion since Thursday, falling below $2.7 trillion.

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