Bitcoin Slides to $73,471, Ending Two-Month Winning Streak
1h ago|3 min readQuick Read
Fazen Markets Editorial Desk
Collective editorial team · methodology
bitcoincrypto-markets
Fazen Markets Editorial Desk
Collective editorial team · methodology
Trades XAUUSD 24/5 on autopilot. Verified Myfxbook performance. Free forever.
Risk warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The majority of retail investor accounts lose money when trading CFDs. Vortex HFT is informational software — not investment advice. Past performance does not guarantee future results.
Bitcoin extended its decline on Friday, May 30, 2026, slipping 0.30% over 24 hours to trade at $73,471. The move jeopardizes a two-month streak of consecutive weekly gains for the digital asset. The cryptocurrency's market capitalization currently stands at $1.47 trillion, with 24-hour trading volume recorded at $30.87 billion as of 09:50 UTC today. This pullback marks a pause in the sustained upward trend that characterized much of the second quarter.
The current sell-off interrupts Bitcoin's most consistent bull run since its surge past the $70,000 threshold in March 2026. The two-month period preceding this decline was characterized by net inflows into US spot Bitcoin ETFs and stable-to-lower interest rate expectations. The catalyst for the recent weakness appears to be a repricing of Federal Reserve policy. Stronger-than-expected US economic data has led markets to anticipate a delay in rate cuts, strengthening the US Dollar Index and tightening global financial conditions. This shift reduces the attractiveness of non-yielding, risk-sensitive assets like Bitcoin. The current macro backdrop features the US 10-year Treasury yield holding above 4.5%, creating a competitive yield environment for institutional capital.
The 0.30% decline over the last 24 hours brings Bitcoin's price to $73,471. This price action has resulted in a market capitalization of $1.47 trillion. Trading activity remains elevated, with a 24-hour volume of $30.87 billion, suggesting active repositioning rather than a wholesale exit. The current price level is a critical test of support that has held for the latter half of May. The following table compares key metrics from the recent peak to current levels:
| Metric | Recent High (Approx.) | Current Level | Change |
|---|---|---|---|
| Price | $75,500 | $73,471 | ~ -2.7% |
| 24h Volume | ~$25B | $30.87B | +23.5% |
This performance contrasts with major equity indices, which have shown modest gains year-to-date. The sell-off has also impacted the broader digital asset market, with major cryptocurrencies like Ethereum and Solana exhibiting similar or greater percentage declines over the same period.
The primary second-order effect is pressure on crypto-equity correlated stocks. Publicly traded Bitcoin miners such as Marathon Digital (MARA) and Riot Platforms (RIOT) often experience amplified moves relative to Bitcoin's spot price due to their operational use. These stocks could see declines of 3-5% on a day with a 0.30% Bitcoin drop. Companies with significant Bitcoin treasuries, like MicroStrategy (MSTR), may also face mark-to-market pressures on their holdings. A counter-argument to a sustained downturn is that on-chain data continues to show long-term holders accumulating coins, indicating underlying strength. Market positioning data from derivatives exchanges shows a reduction in leveraged long positions, which could help create a more stable foundation if selling pressure abates. Flow is moving towards stablecoins as traders seek shelter from volatility.
The immediate catalyst for directional clarity will be the US Personal Consumption Expenditures (PCE) price index report due May 31. A hotter-than-expected reading would likely reinforce hawkish Fed expectations and extend pressure on Bitcoin. The next Federal Open Market Committee meeting on June 18 will be critical for setting the tone for the summer. Traders are watching the $72,000 level as a key support zone; a decisive break below could trigger further selling toward $70,000. Conversely, a rebound above $74,500 would signal that the current move is a consolidation within the broader uptrend. The 50-day simple moving average, currently near $72,500, is another technical level market participants are monitoring for signs of trend strength or weakness.
A stronger US dollar, often driven by rising interest rate expectations, typically creates headwinds for Bitcoin. It makes dollar-denominated assets more expensive for holders of other currencies and reflects a shift towards safer, yield-bearing investments. Historically, periods of sustained dollar strength have correlated with flat or negative performance for Bitcoin, as seen during the Fed's rapid hiking cycle in 2022-2023.
Bitcoin mining stocks are highly correlated to Bitcoin's price but are considered a leveraged bet. Their revenues are directly tied to the Bitcoin price, while their operational costs are largely fixed. This operational use means that a small percentage drop in Bitcoin's price can lead to a disproportionately larger decline in a miner's stock price, as it directly impacts their profitability margins.
The increase in trading volume to $30.87 billion alongside a price decline suggests heightened activity but not necessarily panic. It often indicates a battle between sellers taking profits or cutting losses and buyers seeing value at lower prices. Elevated volume during a downtrend can sometimes signal a capitulation event, but current levels are more consistent with a healthy correction and repositioning.
Bitcoin's retreat reflects a macro-driven recalibration as markets digest the prospect of prolonged higher US interest rates.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. CFD trading carries high risk of capital loss.
Vortex HFT is our free MT4/MT5 Expert Advisor. Verified Myfxbook performance. No subscription. No fees. Trades 24/5.
Trade the assets mentioned in this article
Trade on BybitSponsored
Open a demo account in 30 seconds. No deposit required.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.