[DigitalToday reporter Yoonseo Lee (이윤서)] Bitcoin slid to $76,500 as weekly trading began, falling to its lowest level since May 1 (local time).

According to blockchain outlet Cointelegraph, bitcoin gave back a price range it had recently recovered. It fell below the 21-week exponential moving average (EMA) of $78,660 and again dropped out of a bull-market support zone.

The short-term decline spilled into a derivatives-market shock. Over the past 24 hours, crypto long liquidations across the market topped $670 million. Coinglass data showed liquidation orders building above and below the spot price, forming a structure in which liquidity could be taken from both directions.

The market is looking at the $75,000 to $76,000 band as a short-term inflection point. Trader Dan Crypto Trades said the weekly close was made in that range, but an immediate rebound is needed to confirm a proper upside break.

Another analyst, Cryptic Trades, also said bitcoin has reached the prior breakout zone of $75,000 to $76,000. He added that the weekend decline could instead become a typical "bear trap," citing rising open interest and negative funding rates. That means traders betting on a drop are building positions more aggressively.

The macro backdrop is also a burden. As tensions involving the United States and Iran rose again, uncertainty around the Strait of Hormuz persisted and international oil prices surged at the start of weekly trading. U.S. West Texas Intermediate (WTI) crude rose to around $104.45 a barrel, marking a roughly two-week high. U.S. 30-year Treasury yields also topped 5 percent, again testing highs that have been repeatedly probed in recent years.

Expectations for rate cuts weakened sharply. Market analysis firm The Kobeissi Letter described the U.S. bond market as "collapsing in real time" and said the chance of a policy-rate cut this year had shrunk to around 2 percent. With inflation approaching the 4 percent range, rising long-term yields can only increase pressure across risk assets. Bitcoin also appears not to be immune to that macro pressure.

This week, manufacturing indicators and earnings at large technology stocks are cited as additional variables. The S&P manufacturing purchasing managers' index (PMI), due on the 22nd, will be a gauge of whether the rebound that began early this year continues.

Nvidia results scheduled for the 21st are also a factor that could increase market volatility. Market strategist Michael J. Kramer warned that if Nvidia shares do not undergo enough of a correction ahead of earnings, profit-taking is likely after the release. He said that if results do not clearly exceed market expectations, profit-taking could follow the announcement.

On-chain indicators send mixed signals. CryptoQuant said that even as expectations for Federal Reserve policy retreat, some large investors are not reducing holdings. It also said that so-called super whale wallets holding more than 10,000 BTC have rebuilt balances to levels rarely seen since last year.

Spot-market selling pressure, however, is becoming clearer. CryptoQuant tallied that exchange inflows from wallets that bought bitcoin 6 to 12 months ago surged after the 14th. The share of exchange inflows from this group was 10.54 percent, more than 10 times the usual level.

As a result, the bitcoin market this week has entered a phase in which it must check support around $75,000 alongside PMI data, Nvidia results, Treasury yields and the path of oil prices at the same time. Key points to watch are whether increased whale holdings can prevent further downside, and whether long-term holder selling and macro uncertainty will drive additional declines.

$BTC has just tapped into the prior Breakout Zone at $75K-$76K. Expecting a bounce here, as the longs I covered in my prior alert also got flushed. https://t.co/SbZV0P6jhZ pic.twitter.com/P3pCmSXZ87