#CryptoMarketDrops150KLiquidated

Why Are the Crypto Asset Markets Down Today?

The total crypto market capitalization has fallen to $2.54 trillion, down 0.36% in a day and more than 7% from the peak on May 10 after a confirmed double top pattern.

Bitcoin
BTCUSD
dropped to $76,973 as $182.53 million in long BTC positions were liquidated. Bitcoin Cash (BCH) plummeted 7% to $384, marking the largest decline among large-cap assets after losing the support level of $387.

Latest News Today:-

BitMine Chairman Tom Lee links the recent ETH decline to rising oil prices, highlighting a record inverse correlation between ETH and crude oil.
The Verus-Ethereum bridge reportedly experienced an exploit of $11.58 million, bringing the total DeFi hacks in May to over $20 million.
SBI Securities and Rakuten Securities from Japan plan to launch their own Bitcoin and Ethereum investment products, with 11 of 18 surveyed securities firms also considering similar products.
Crypto Market Capitalization Drops to $2.54 Trillion as Double Top Dominates

The total crypto market cap closed at $2.54 trillion, down 0.36% in a day and 7.12% from the $2.72 trillion peak. The May 10 peak became the second touch at this level after May 6, confirming the double top pattern that has since pressured prices.

There are two main reasons. Brent crude oil prices have rallied about 16% over the past month due to US-Iran tensions and shipping disruptions in the Strait of Hormuz, triggering risk shifts in the global financial markets. Meanwhile, derivative products have intensified pressure as $660 million in liquidations occurred in the last 24 hours, with $589 million on the long side. Ethereum long liquidations were the largest at $255.96 million, followed by Bitcoin at $182.53 million.

TOTAL now hovers between the immediate support of $2.52 trillion and resistance levels starting from $2.64 trillion, then rising to $2.71 trillion and $2.72 trillion.

If $2.52 trillion holds, the chance to rebound to $2.64 trillion remains open. However, if it breaks down, room for decline toward the flat support at $2.47 trillion opens.

Bitcoin Price Tests Support at $76,010 as Selling Volume Declines

Bitcoin
BTCUSD
is trading at $76,973, down 1.50% in the last 24 hours and about 7% below the May peak of $82,803. The current price is between the flat support at $76,679 and the $76,010 level, which is the 0.382 Fibonacci area.

Market conditions affected by rising oil prices have also dragged BTC down along with other markets, with $182.53 million in BTC longs liquidated in the past day. Nevertheless, daily trading volume has started to decline throughout May’s correction. As selling pressure diminishes with prices continuing to fall, it indicates that selling pressure is weakening and not new distribution.

The first resistance is at $78,606, the 0.236 Fibonacci level. If the price falls below the current support, the next targets are the $73,911 (Fibonacci retracement 0.5) and $71,813 (Fibonacci retracement 0.618) levels. If the daily close can recover above $78,606, it could neutralize the decline. Conversely, if it closes below $76,010, BTC could move toward $71,813, a roughly 6.72% drop from the current level.

Bitcoin Cash (BCH) Falls While Volume Rises Due to Trend Breakdown

Bitcoin Cash (BCH) is trading at $384, down 7% today and about 15% over the past month. BCH broke below the $387 level, which is the 0.618 Fibonacci level, increasing the risk of a deeper correction.

BCH experienced the sharpest decline among large-cap assets. This happened because BCH’s selling volume continued to increase, unlike BTC where selling pressure has decreased. This indicates active distribution is occurring in BCH.

The breakdown started on May 11. On that day, BCH lost the 20-day exponential moving average
EMA
at $433. The EMA is a short-term trend indicator that smooths price movements and acts as a dynamic support.

Below the current price, $359 becomes the 0.786 retracement area, followed by $324. This could potentially decline 15.46% from the current level. Meanwhile, $387 acts as the boundary between attempts to reclaim and the potential for deeper declines toward $324.