Believed it would reach $82,000... Bitcoin plummets to a one-month low

▲ Bitcoin (BTC), cryptocurrency decline/AI generated image

Bitcoin (BTC) failed to break through the $82,000 resistance level and fell to $74,200, recording its lowest price in over a month. Major altcoins also fell in tandem, reducing the total cryptocurrency market capitalization by $100 billion in a few days.

CryptoPotato reported on May 23 (local time) that Bitcoin plummeted to the early $74,000s after failing to rebound from $78,000 earlier this week. Bitcoin found support slightly above $74,000, but short-term downward pressure spread across major cryptocurrencies.

Bitcoin rose to $82,000 late last week, boosted by news of progress on the US cryptocurrency market structure bill. However, it was rejected at that price point for the second time in the same week, and the subsequent correction widened. Bitcoin fell to $79,000 on Friday, then to $78,000 over the weekend, and to $76,000 at the beginning of the new trading week.

Subsequently, it attempted to retrace to $78,000 on Tuesday and Wednesday, but selling pressure intensified again. Bitcoin dropped to $76,000 the previous evening, and on Saturday, it fell through $75,000 to $74,200. This price is the lowest in over a month.

Bitcoin's market capitalization fell below $1.5 trillion, according to CoinGecko. Bitcoin's share relative to altcoins also slightly retreated to 58%. Bitcoin's correction was not an isolated negative event but rather spread into a market-wide risk-off sentiment.

Ethereum (ETH) fell to $2,000 today before recovering partially to $2,025. BNB dropped to $640, and XRP struggled to defend the $1.30 level. Solana (SOL) plunged over 6%. Major altcoins such as Dogecoin (DOGE), Hyperliquid (HYPE), Zcash (ZEC), Cardano (ADA), Bitcoin Cash (BCH), Chainlink (LINK), and Sui (SUI) showed similar or larger declines.

The total cryptocurrency market capitalization decreased by $100 billion since Thursday, falling to $2.57 trillion according to CoinGecko. Bitcoin's new monthly low combined with Ethereum's threat to the $2,000 level confirmed a broad weakness in the cryptocurrency market over the weekend, centered on major coins.

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