Bitcoin Drops to $76.5K as Support Fails, Oil Tensions Weigh on Crypto This Week

BTC0.26%
CL1.3%
Bitcoin fell to $76,500 this week, marking its lowest level since May 1 and breaking through the 21-week exponential moving average at $78,660, according to TradingView data. The decline erased gains from the bull market support band, with cross-crypto long liquidations totaling $670 million in 24 hours per CoinGlass. Macro headwinds intensified as US-Iran tensions drove WTI crude oil to near two-week highs of $104.45, fueling inflation concerns and pushing the 30-year US Treasury yield above 5% for the first time in years. Analysts note potential support near the $75K-$76K zone, though a sustained recovery hinges on incoming economic data and Nvidia earnings on Wednesday.
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