Bitcoin Fails Third Attempt at $73,000 as Major Cryptocurrencies Retreat

Bitcoin had earlier challenged $74,000, raising expectations that the rebound in risk assets would continue. But escalating tensions involving Iran pushed oil prices higher, while investors scaled back expectations for Federal Reserve rate cuts ahead of U.S. employment data. More cautious derivatives positioning added pressure on the cryptocurrency rally.

The latest bout of selling briefly sent Bitcoin down 3.5%. It later recovered to about $71,100, nearly 2% below its previous high, after dipping below $71,000. ETH and DOGE also weakened. In contrast, the iShares Expanded Tech-Software Sector ETF (IGV) rose about 2%.

Bitcoin recently established key support at $75,600, coinciding with a record high for the U.S. S&P 500 and technology-sector earnings that lifted risk appetite. The $80,000 level is seen as the dividing line between bullish and bearish momentum. A decisive break above it would shift the market’s focus to a target of $85,000.

Market tracking on May 20 showed Bitcoin rebounding from a low of $75,600, first reclaiming $77,000 and then rising to about $77,700 intraday. Traders are watching whether it can retake $80,000. Meanwhile, inflows into DOGE and SHIB strengthened, signaling increased short-term speculative demand, though bearish positioning continued to weigh on the market.

Glassnode defines the True Market Mean as the average acquisition cost of actively circulating Bitcoin, while the Short-Term Holder Realized Price reflects the cost basis of investors who have held the asset for less than 155 days. The metrics stand at about $78,000 and $79,200, respectively, and are important gauges of bullish and bearish market conditions. Falling below them could intensify selling by underwater investors and increase the risk of consolidation.

Bitcoin reversed course after breaking above $79,200 on April 22 and fell as low as $77,686. It remained capped below $80,000 as of May 21. Capriole Investments data showed Apparent Demand falling to negative 3,138 BTC, a four-month low, while Glassnode updated the True Market Mean to $78,300. Analysts warned that Bitcoin could fall to $65,000 if it fails to reclaim $78,000.

Bitcoin serves as both a speculative asset and a gauge of liquidity across global risk markets, putting its ability to hold above $83,000 in focus. Escalating tensions between the United States and Iran, coupled with U.S. President Donald Trump’s doubts about the viability of a peace agreement, weighed on both stocks and cryptocurrencies. Geopolitical developments have become the main driver of short-term price action.

Bitcoin briefly climbed to $82,833 in the latest session but retreated after failing to break $83,000, with prices swinging sharply around the Chicago Mercantile Exchange (CME) open. Bitcoin rebounded 2.3% after Trump called Iran’s peace proposal “totally unacceptable,” before markets shifted back toward safe-haven positioning and the cryptocurrency fell toward a key support zone.

As Bitcoin approached $80,000, escalating geopolitical tensions between the United States and Iran, rising oil prices and inflation concerns prompted investors to reassess risk assets. Persistently negative funding rates reflected bearish sentiment in derivatives markets and added selling pressure on major cryptocurrencies including ETH, SOL and DOGE.

As of July 19, Bitcoin had climbed as high as $79,388 before retreating to $79,000 and trading around $78,000. It had previously fallen to $76,600. Reports showed that funding rates had remained negative for two consecutive weeks, while ETH, SOL and DOGE also declined as investors took profits.

Bitcoin tumbled from about $98,000 to $60,000 in early 2026, losing nearly 40% in just two weeks and making $73,000 a key test of whether the rebound can develop into a sustained trend. A “bull trap” occurs when prices reverse sharply after a breakout, trapping buyers who chased the rally. The latest advance is therefore also seen as a test of whether the bear market has ended.

On March 16, Bitcoin gained more than 3% over 24 hours to $73,700 and rose above its 50-day moving average of $71,125 for the first time in two months. An FxPro analyst called it a sign of a medium-term reversal. CoinDesk, however, reported that market makers held billions of dollars in net short gamma exposure near $75,000, potentially amplifying volatility. Whether the breakout can hold remains uncertain.

Bitcoin entered a correction after hitting an all-time high of $126,200 on Oct. 6, 2025, and briefly fell to a 15-month low in early February 2026, marking a maximum drawdown of about 53%. Glassnode data has yet to show a clear reversal signal. Rekt Capital said the current bear market has lasted only about 140 days, shorter than the briefest historical cycle of 365 days.

Bitcoin rebounded to as high as $70,040 on Feb. 25 but failed to hold above the 200-week exponential moving average, or EMA, and its 2021 peak. It fell more than 1% intraday after U.S. stocks opened on Feb. 26, putting $67,000 back in focus. TradingView data showed the price had slipped below the key zone again. Rekt Capital said the 200-week EMA had turned into resistance, leaving Bitcoin at risk of further declines until it breaks above that level.

Bitcoin posted monthly losses for five consecutive months after retreating from its previous high, putting the focus on whether March could end the rare losing streak. Technical analysis compiled by Cointelegraph identified $68,330–$70,000 as the main resistance zone, while the 200-week moving average was seen as the key dividing line for the medium- to long-term outlook.

Bitcoin held on to its monthly gain on March 31, ending the five-month losing streak, but selling pressure around $70,000 continued to limit upside. In April, the market is watching whether Bitcoin can hold above its 200-week moving average. Analysts expect a decisive break above $70,000 could set up a test of $80,000 in the next phase.

Bitcoin is highly sensitive to interest-rate and inflation expectations. February’s consumer price index from the U.S. Bureau of Labor Statistics matched market forecasts and did not support a near-term Federal Reserve rate cut. Still, falling oil prices helped ease inflationary pressure and supported risk assets including cryptocurrencies.

Bitcoin quickly reversed its overnight losses after the February CPI release, first breaking above $70,100 and then climbing past $71,000. Markets also digested news of a 400 million-barrel oil release. Ether, Solana and Cardano (ADA) rose in tandem, showing little drag from weakness in U.S. stocks.

Bitcoin has failed to reclaim the $70,000 level since its sharp selloff on February 5, 2026, shifting the market’s focus to whether forced selling has subsided. Market maker Wintermute said capital is flowing into defensive and real-world assets, while Matrixport warned that stablecoin supply has stalled, leaving the rebound’s durability dependent on liquidity.

Bitcoin approached $70,000 on February 25 before retreating to about $68,300 in early trading on February 26, after an overnight low of $67,700. It was still up 4.3% on the day. Ether, Solana, Cardano and Dogecoin gained 8.5%, 6.9%, 10.8% and 8.3%, respectively, signaling a shift into high-beta tokens.