Analysis: BTC $74,000 is a key support level; close attention should be paid to Federal Reserve Chair Powell's policy statements.

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ME News Update: On May 18 (UTC+8), Bitcoin’s price fell below $77,000 on Sunday evening in the U.S. East Coast time zone, hitting a low of $76,593. This drop is believed to be linked to U.S. President Trump’s military threats against Iran that he posted on Truth Social, increasing geopolitical risk. Meanwhile, Brent crude and WTI crude rose to $111.2 per barrel and $107.7 per barrel, respectively; the market is concerned that higher oil prices may trigger inflationary pressures, and the Federal Reserve may resume rate hikes. In addition, Bitcoin ETF flows saw outflows of $1 billion last week, ending six consecutive weeks of net inflows, and the Fear & Greed Index fell to the “Fear” zone at 27. Analysts noted that in the short term, Bitcoin will be heavily influenced by macroeconomic factors, and investors should watch the $74,000 support level, as well as the policies of the newly appointed Federal Reserve Chair Wosher and the progress of the Cryptocurrency Clarity Act. (Source: MLion)

BTC-1.95%
BZ0.99%
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