Bitcoin dropped about $2,000 in a flash crash within three hours, falling below the $76,000 support level after reaching just over $78,000. The move erased weekend gains and neutralized bullish momentum tied to reports of a potential U.S.-Iran diplomatic breakthrough. Rumors of overnight military exchanges in the Strait of Hormuz coincided with the decline, with bitcoin sliding to around $76,500 before holding that level until 6:15 a.m. EST. A two-wave rally later reclaimed $77,500 and pushed to an intraday peak near $78,003, followed by a sharp sell-off to an intraday low around $75,740. The result was about a 2% drop over 24 hours and nearly 3% lower for the month, alongside nearly $350 million in liquidations across crypto markets.
"On Tuesday morning, bitcoin suffered a $2,000 flash crash that erased its recent weekend gains. The sudden market volatility triggered nearly $350 million in liquidations across the crypto space. Bitcoin's trademark volatility was triggered anew on Tuesday morning, as a violent flash crash erased $2,000 in value in a mere three-hour window. The number-one cryptocurrency tumbled below the psychologically important $76,000 support level, violently rejecting its earlier high of just over $78,000."
"This sudden downside reversal effectively neutralized the bullish momentum built over the weekend, which had been catalyzed by reports of a breakthrough diplomatic agreement between the U.S. and Iran. While the Sunday rumors saw bitcoin peak just above $77,800 before consolidating above $77,500, reports of overnight military exchanges between U.S. and Iranian forces in the Strait of Hormuz sent the cryptocurrency tumbling. As reported earlier by Bitcoin.com News, the incident, which was downplayed by U.S. officials, sparked bitcoin's slide to $76,500, a threshold it would hold until 6:15 a.m. EST."
"A subsequent two-wave rally allowed bitcoin to reclaim its $77,500 resistance level before pushing to an intraday peak of $78,003 by 10:30 a.m. EST. The gains were short-lived, however, as a sharp sell-off forced a steep reversal to an intraday low of $75,740. The rapid decline left bitcoin down 2% over a 24-hour window and nearly 3% lower for the month. With only a few days remaining in May, the cryptocurrency now appears on track to log its fourth month of negat"
Read at news.bitcoin.com
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