Bitcoin Drops Below $80K, Approaching Critical $74K-$75K Support Test

According to analyst Ardi, Bitcoin dropped below $80,000 over the weekend and is now approaching the $74,000-$75,000 support range following a 5.78% weekly correction to $77,900. Ardi noted the price range served as a key support zone repeatedly over the last two years, including during Bitcoin's 2024 consolidation and Q1 2025 rally to $126,000.

CryptoQuant data showed Bitcoin's bull-bear structure index turned bearish again on May 17, dropping to -23.49 after briefly turning positive on May 6 near $82,000. Market analyst Easy On Chain stated that older Bitcoin holders are moving coins to exchanges at unusual rates—10.54% on May 17 versus the typical level below 1%—signaling investors are locking in losses amid selling pressure.