Bitcoin fell below $77,000 on Friday, reaching an intraday low of $76,476 after a rapid flash sell-off that cut nearly $1,000 in a little over two hours. By 12:40 p.m. EST, bitcoin recovered to around $76,800 and was positioned to retest the $77,000 resistance level. Earlier trading had oscillated between $77,200 and just under $78,000, but selling pressure after 9 a.m. pushed the price lower and kept it in the red for a second consecutive day. Weekly losses rose to about 3%, and bitcoin’s market capitalization declined to $1.54 trillion. Flat altcoin performance reduced total crypto market capitalization to $2.65 trillion, with a negative monthly outlook and double-digit year-to-date losses. Bitcoin’s move diverged from global equities, which rallied on optimism about U.S.-Iran de-escalation and diplomatic progress.
"Bitcoin fell below $77,000 on Friday, hitting an intraday low of $76,476 amid a $1,000 flash sell-off. The drop helped drag the total crypto market cap down to $2.65 trillion. Bitunix analysts warn that if U.S. Treasury yields trend higher, BTC faces severe expansion in volatility."
"According to data from Bitstamp, the cryptocurrency briefly plunged to an intraday low of $76,476 following a sell-off that saw it shed nearly $1,000 in little over two hours. At 12:40 p.m. EST, bitcoin had recovered to around $76,800 and looked poised to test the $77,000 resistance level."
"Well before the afternoon sell-off, the cryptocurrency generally oscillated between $77,200 and just under $78,000, a trend that began Thursday afternoon. However, shortly after 9 a.m., significant selling pressure forced the price down, leaving bitcoin in the red for the second consecutive day."
"The retreat pushed bitcoin's weekly losses to 3 percent and dragged its market capitalization to $1.54 trillion, down from $1.55 trillion on May 21. This decline, combined with flat altcoin price action, slid the total crypto market capitalization to $2.65 trillion. With one week left in the month, bitcoin's bearish trend points to a negative monthly close, locking in double-digit losses year-to-date."
Read at news.bitcoin.com
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