"Bitcoin fell below $77,000 for the fourth consecutive day following a brief rally around the CLARITY Act's Senate Banking Committee advance last Thursday. According to data, total liquidations reached $657 million over a 24-hour window, with $584 million coming from long positions in 24 hours, a clear signal that bullish leverage was heavily crowded entering the drawdown."
"The sell-off pushed the Fear and Greed Index to an alarming 29, landing squarely in the fear zone after sitting at a neutral 50 just days prior. Among altcoins, Quant (QNT) fell approximately 7% and was trading near $75, approaching its 50-day exponential moving average (EMA) at $72.86. Bitcoin Cash ( BCH) dropped below $400, trading beneath both its 50-day and 200-day EMAs."
"Bitcoin itself has continued to hover between $76,000 and $76,500 at press time, with key technical support at the 50-day EMA of $76,716 and the 200-day EMA at $83,513 acting as overhead resistance. The previous major support test came at $70,740 on April 12, 2026, a level bulls will be watching closely if the slide continues."
"As the drop unfolded, onchain data flagged that the sudden crash had wiped Machi's active position. Instead of waiting, he immediately opened a new 25x leveraged long on 1,825 ETH, worth approximately $3.87 million, with a liquidation pric"
Bitcoin fell below $77,000 for a fourth consecutive day after a brief rally tied to the CLARITY Act’s Senate Banking Committee advance on May 15. Liquidations totaled $657 million in 24 hours, with $584 million from long positions, indicating crowded bullish leverage. The Fear and Greed Index fell to 29, moving into the fear zone after sitting near 50 days earlier. Altcoins declined as well, including Quant down about 7% toward its 50-day EMA near $72.86, and Bitcoin Cash trading below its 50-day and 200-day EMAs. Bitcoin hovered around $76,000 to $76,500, with support near the 50-day EMA at $76,716 and overhead resistance near the 200-day EMA at $83,513. Whale trader Machi Big Brother was liquidated and opened a new 25x ETH long on 1,825 ETH worth about $3.87 million.
#bitcoin-price-drop #crypto-liquidations #leverage-and-long-positions #fear-and-greed-index #regulatory-news-clarity-act
Read at news.bitcoin.com
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