On the morning of May 23, Bitcoin fell below $75,000. This decline coincides with traditional markets testing their highs.
The correction in Bitcoin began on Friday, May 22. Within a day, the asset dropped from $77,500 to the current $74,800 — a 3.5% decrease.
Meanwhile, traditional indices are showing strength. On the last trading day, the Dow Jones reached a historic high, and the S&P 500 closed near record levels.
Following Bitcoin, the rest of the crypto market also entered the “red zone.” Ethereum fell to $2,000 (-4% in a day), Solana dropped to $82 (-5%), and HYPE to $55 (-8%).
The cryptocurrency Fear and Greed Index stands at 28, indicating moderate fear.
Market Participants’ Opinions
A trader known as DaanCrypto noted that the crypto market is falling due to fears of new US strikes on Iran. Before the weekend, Tehran accused Washington of “making repeated excessive demands” during negotiations.
$BTC It is still pretty straight forward from here looking at the chart.
Bitcoin needs to clear that low $80Ks region with the horizontal and Daily 200MA/EMA sitting right around the same region.
This is the first “bigger sell off” this leg up after the April move higher.… pic.twitter.com/01yL1CqatF
— Daan Crypto Trades (@DaanCrypto) May 22, 2026
“Overall, the market has been weak since the failed attempt to break the $80,000 mark. However, it is also evident that the market has become accustomed to military headlines, as their impact has been relatively minor (especially on stocks),” added DaanCrypto.
An analyst known as Myles G highlighted the sharp reversal in funding rates, as Bitcoin’s decline led to the liquidation of a large volume of long positions.
In his view, the market is beginning to form a bottom amid low liquidity.
Trader AshCrypto holds a more bearish outlook. He expects a further sharp drop in prices.
I completely agree with bears now.$BTC is about to crash really hard. pic.twitter.com/D2MybF6Gkd
— Ash Crypto (@AshCrypto) May 22, 2026
Analysts at Glassnode identified the level around $78,300 as resistance. For the rally to resume, Bitcoin must rise above these values.