Overview
- Bitcoin is trading around $76,000–$77,000 in late May 2026 after recovering above the $75,000 area but failing to clear resistance roughly between $78,000 and $83,000.
- Spot trading volumes on major exchanges have plunged to multi‑year lows, with CryptoQuant and exchange data showing roughly an 81% drop on Binance from October 2025 peak levels.
- Spot Bitcoin ETFs showed short‑term net outflows in mid‑May totaling about $1.5 billion over a week even as other reports note continued daily ETF inflows that have absorbed post‑halving supply.
- Technically, bulls are defending a $73,000–$75,000 support zone and a $77,400 pivot while targeting a CME futures gap near $79,000, and traders warn that failure below $75,000 could open much lower targets.
- Analysts are divided over the outlook: some, led by Benjamin Cowen, say the four‑year cycle implies the final bottom may come later in 2026, while others point to bearish patterns, eased volatility, and low liquidity that could produce sharper moves either way.