On the morning of May 23, the first cryptocurrency dropped below $75,000. This decline comes as traditional markets test their highs.

15-minute chart of BTC/USDT on Binance. Source: TradingView.

The correction in Bitcoin began on Friday, May 22. Over the course of a day, the asset fell from $77,500 to its current price of $74,800—a decrease of 3.5%.

Meanwhile, traditional indices are showing strength. On the last trading day, the Dow Jones reached a historic high, while the S&P 500 closed near record levels.

S&P 500 Index. Source: Investing. Dow Jones Index. Source: Investing.

Following Bitcoin, the rest of the crypto market has also turned bearish. Ethereum has dropped to $2,000 (-4% in 24 hours), Solana has fallen to $82 (-5%), and HYPE is down to $55 (-8%).

Source: CoinMarketCap.

The cryptocurrency fear and greed index is currently at 28, indicating moderate fear.

Source: Alternative.me.

Market Participants' Opinions

A trader using the pseudonym DaanCrypto noted that the crypto market is declining due to concerns over potential new strikes by the U.S. against Iran. Ahead of the weekend, Tehran accused Washington of making "excessive demands" during negotiations.

$BTC It is still pretty straightforward from here looking at the chart.
Bitcoin needs to clear that low $80Ks region with the horizontal and Daily 200MA/EMA sitting right around the same region.
This is the first "bigger sell-off" this leg up after the April move higher.… pic.twitter.com/01yL1CqatF

— Daan Crypto Trades (@DaanCrypto) May 22, 2026

"Overall, the market has been weak since the attempt to break the $80,000 mark failed. However, it is also evident that investors have become accustomed to military headlines, as their impact has been relatively minor (especially on stocks)," DaanCrypto added.

Analyst Myles G pointed out the sharp reversal in funding rates, as Bitcoin's drop led to the liquidation of a large volume of long positions.

Source: X.

In his view, the market is beginning to form a bottom in a low liquidity environment.

Trader AshCrypto holds a more bearish outlook, expecting further sharp declines in prices.

I completely agree with bears now.$BTC is about to crash really hard. pic.twitter.com/D2MybF6Gkd

— Ash Crypto (@AshCrypto) May 22, 2026

Analysts at Glassnode have identified a resistance level around $78,300. For Bitcoin to resume its rally, it must rise above this threshold.