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Bitcoin faces growing downside pressure; U.S. PMI, Nvidia results in focus

Bitcoin slid to $76,500, its lowest since May 1, dropping below the 21-week EMA and exiting a bull-market support zone. The decline triggered derivatives-market shocks, with crypto long liquidations topping $670 million in 24 hours. Traders see $75,000 to $76,000 as a near-term pivot. Macro pressures include rising Middle East tensions, higher oil prices and U.S. 30-year yields above 5 percent. Investors are watching upcoming U.S. manufacturing PMI data and Nvidia earnings for further volatility signals.

Crypto

Bitcoin struggles below $77,000 despite three tailwinds, $100,000 hopes waver

Bitcoin has traded below $77,000 in May despite three positive factors, weakening expectations of a move to $100,000. It fell about 6 percent over the past week after briefly rising to around $82,000. Supportive factors cited included U.S.-China leaders’ talks in Beijing, strength in U.S. tech shares led by Nvidia, and passage of a revised Clarity bill by a U.S. Senate panel. Analysts remain divided on near-term direction.

Crypto

Peter Schiff says you cannot collect rent in bitcoin, takes aim at Michael Saylor again

Economist Peter Schiff, a bitcoin pessimist, rejected Michael Saylor’s comparison of bitcoin to a New York skyscraper. Schiff said buildings generate monthly rent while bitcoin holders get no cash flow, arguing the assets cannot be grouped together. The exchange has revived a long-running debate over whether bitcoin is a store of value or a speculative asset. Strategy holds 815,061 bitcoin and funds purchases via preferred shares, a structure Schiff has criticised.