Will Bitcoin price revisit $76K as bullish trendline support collapses?

The breakdown also pushed Bitcoin beneath its 20-day moving average around $79,375 while keeping the price trapped below the 200-day moving average near $80,825.

Meanwhile, the 50-day moving average around $76,427 has emerged as the next major technical support. Daily candles are now compressing between declining short-term resistance and the rising 100-day moving average near $72,553.

The MACD histogram on the daily chart has turned negative, while the MACD line itself is beginning to cross lower beneath the signal line. Earlier bullish momentum from Aprils recovery phase has faded steadily throughout May as buyers failed to produce a convincing breakout above resistance.

Liquidation data from CoinGlass suggests Bitcoin may still be vulnerable to another sweep lower before stabilization occurs. The 24-hour liquidation heatmap shows dense long liquidation clusters sitting between $76,000 and $76,500, with another concentration near $74,000. Large liquidity pockets above the current price remain concentrated near $78,000 to $79,000, potentially acting as short-term magnets during relief bounces.

Bitcoin liquidation heatmap | Source: CoinGlass

Crypto trader Lennaert Snyder said Bitcoins daily candle had closed “pretty weak” after failing to reclaim the $78,200 highs. According to Snyder, the market remains trapped in a choppy mid-range structure, with a likely sweep of “sell-side liquidity at the $76.4K range lows” before any meaningful recovery attempt develops.

$BTC is still chopping within the current range.

Yesterdays daily candle closed pretty weak, and Bitcoin didnt manage to move beyond the 78.2K highs.

I TPd the longs from yesterday and moved the stop-loss to break-even.

Price is currently squeezing with a lot of signs of…

— Lennaert Snyder (@LennaertSnyder) May 22, 2026

Meanwhile, Daniel Reis-Faria, CEO of ZeroStack, told crypto.news that Bitcoins rejection near its 200-day moving average signaled weak buying pressure.

“Bitcoin turning lower after struggling to move above its 200-day moving average suggests there still may not be enough buying to push prices higher…If buying starts to pick up again, Bitcoin can move higher pretty quickly. But until that happens, Bitcoin is likely to stay under pressure.”

Daniel Reis-Faria, CEO of ZeroStack.

Derivatives positioning also points to lingering caution rather than aggressive dip buying. Funding rates across several perpetual futures platforms have cooled significantly compared to earlier May levels, while open interest has fallen alongside price, signaling ongoing deleveraging instead of fresh speculative participation.

What could invalidate the bearish Bitcoin outlook？

Bitcoins recovery back above $79,000 would be the first sign that sellers are losing short-term control. Beyond that, Bitcoin would still need to reclaim the 200-day moving average near $80,800 and invalidate the descending resistance trendline before traders begin discussing a sustainable reversal structure.

Any breakthrough in U.S.–Iran negotiations capable of pulling oil prices lower could ease inflation concerns and reduce pressure on Treasury yields. Softer economic data or renewed expectations for Federal Reserve easing would likely improve sentiment across crypto and equity markets simultaneously.

ETF demand also remains a critical variable. Persistent outflows have weighed heavily on spot liquidity during the latest correction. A reversal back into net positive inflow territory could stabilize price action quickly, especially given how aggressively leverage has already been flushed from the system over the past week.

Failure to hold the $76,000 region, however, could expose Bitcoin to a deeper move toward the $74,000 liquidity zone highlighted on derivatives heatmaps. Below that level, traders may begin targeting the 100-day moving average near $72,500 as the next major structural support during a prolonged risk-off phase.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.