Bitcoin price drops below $80,000 as U.S. investors lead selloff

After several failed attempts to rally above $82,200 over the past seven days, Bitcoin ($BTC) price fell below its psychological support level around $80,000 on May 13, amid low demand in the United States.

Bitcoin price has dropped nearly 3% over the past 7 days, trading at about $79,340 at press time. The flagship coin lost more than $2,176 per coin on Wednesday, hitting its lowest level in seven days.

$BTC/USD 7-day chart. Source: Finbold

Amid increased volatility in the past 24 hours, over $91.5 million was liquidated, with more than $77.5 million involving long traders, according to metrics from CoinGlass.

Bitcoin price succumbs to rising selling pressure in the U.S.

Bitcoin price slipped below $80,000 on Wednesday as United States investors remained predominantly cautious ahead of Thursdays markup reading for the Clarity Act – a proposed U.S. federal law seeking to legalize crypto assets. Furthermore, the recent $BTC price rally to reach above $82,200 was largely backed by leveraged traders, as Finbold explained.

Meanwhile, the Bitcoin Coinbase Premium Gap – difference between $BTC price on Coinbase and Binance – remained largely negative over the past 24 hours, according to data from CryptoQuant. Essentially, a negative Coinbase Premium Gap indicates that U.S. investors are not willing to pay the global $BTC price, thereby suggesting their heightened selling pressure and vice versa.

Bitcoin Coinbase Premium Gap. Source: CryptoQuant

With around 71% of $BTC‘s short-term holders in profit, the highest since October 2025, based on analytics from CEX.io, selling pressure could persist due to accelerated profit-taking. Moreover, BlackRock’s iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA) have led U.S. investors in profit-taking after the recent relief, as Finbold reported.

As such, if Bitcoin demand from U.S. investors continues to weaken in the near term, the flagship coin could face further bearish sentiment and vice versa.