Bitcoin rose to $78,000 in intraday trading on May 26 before sliding quickly, extending a market driven by short-term liquidity liquidations. It showed sharp volatility that shook both long and short positions and failed to track gains in U.S. stocks. CoinGlass data showed $66 million in bitcoin liquidations over the past 24 hours. Analysts pointed to Middle East risks, key technical levels and rising futures funding rates, while spot and derivatives activity remained subdued.

Bitcoin’s upward momentum is weakening after it failed to settle above $82,000 and slid to as low as $76,000, an analysis said. The market is watching $74,000 to $76,000 as a key support zone, with $78,000 acting as near-term resistance. If support breaks, attention could shift to $72,000 and $70,000, with deeper declines possible. Several momentum indicators have also turned lower in recent days.