Crypto Markets Slump as Bitcoin Tests Critical Support

BTCC / BTCC Square / Global Cryptocurrency /

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2026-05-18 07:52:02

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The cryptocurrency market faces renewed pressure, with total capitalization sliding to $2.56 trillion as trading volume spikes to $65 billion. Bearish momentum dominates as Bitcoin breaks key technical levels, threatening to drag the broader market lower.

Bitcoin's breakdown from a rising wedge pattern has triggered a 4.8% decline, with analysts eyeing $74,000 as the next potential support. The Relative Strength Index suggests sustained downward momentum, while Bollinger Band alignment at $75,800 becomes a critical battleground.

Ethereum and XRP show relative strength amid the sell-off, though ETF outflows exceeding $350 million signal waning institutional confidence. Derivatives markets reflect growing stress, with $660 million in liquidations and funding rates barely positive.

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