Bitcoin Stays Below Threshold as Midweek Selloff Caps Recovery Attempt

Bitcoin traded below a widely watched price level on Saturday, unable to recover from a midweek selloff that erased recent gains. The world's largest cryptocurrency by market capitalization was quoted at 75,619.55 USDT on the Binance BTC/USDT pair late on May 23, well short of the $78,000 mark that some market participants had been watching as a resistance level.

The shortfall followed a sharp decline on May 19, when Bitcoin crashed below $77,000, triggering an estimated $657 million in forced liquidations across crypto derivatives exchanges, according to market analysis platform Intellectia.AI. The selloff pushed the trading range into the $76,500-$78,000 band that persisted through mid-May.

By May 20, Bitcoin had partially recovered to $77,336.69 on the Investing News Network price feed and to 76,734 USD on TradingView. That rebound came after a Senate vote that curbed presidential war powers tied to Iran, a geopolitical factor that had weighed on risk assets including cryptocurrencies.

Broader macroeconomic pressures continued to cap upside. Rising U.S. Treasury yields, which surged above 5.1% in recent days, drew investor capital away from riskier assets, while ongoing geopolitical uncertainty kept buyers cautious. The confluence of factors kept Bitcoin from mounting a sustained push toward the $78,000 level.

The next direct price event is the daily close on May 23, which will establish the final reference for any contracts or benchmarks tied to the day's price. Whether Bitcoin can stabilize above the $76,500-$77,000 zone in the coming sessions will depend on the trajectory of yields and any fresh policy signals from Washington.