Bitcoin is currently trading above the $75,000 support level after being unable to break through the $78,000 mark on Tuesday, while it remains below the crucial $76,000 threshold identified by analyst Tom Lee as necessary for confirming a new bull market by the end of the month.
Bitcoin remains beneath Tom Lee's $76,000 bull-market threshold, while hyperliquid and monero show resilience against general crypto weakness.
By Oliver Knight, Omkar Godbole | Edited by Sheldon Reback May 27, 2026, 10:54 a.m. 3 min read
Bitcoin price (CoinDesk Data)Key Insights:
- Bitcoin is currently above the $75,000 support level after facing resistance at $78,000 on Tuesday, while it continues to stay below Tom Lee's $76,000 threshold that needs to hold by month-end to signal a bull market.
- Tokens linked to AI, such as RENDER, FET, and NEAR, have retraced much of their Tuesday gains, dropping as much as 3% since midnight UTC, which negatively impacted the CoinDesk Computing Select Index by 2.2% and the DeFi Select Index by 1.5%.
- In contrast, hyperliquid's HYPE token saw a 5.5% increase after achieving a record high earlier this week, while Monero gained 5% as it approached the $400 level—shining amidst a generally cautious altcoin market.
The cryptocurrency market is at a pivotal moment on Wednesday, with Bitcoin priced at BTC$75,813.04, hovering near the $75,000 support level after failing to surpass $78,000 on Tuesday.
Ether (ETH) is exhibiting a similar pattern, having been rejected at $2,150 on Tuesday, which led it to dip towards the $2,000 support level. It rebounded off $2,050 at 05:30 UTC on Wednesday and was last trading around $2,080.
AI-related tokens RENDER, FET, and NEAR have seen declines of 1% to 3% since midnight UTC as they gave back a portion of Tuesday's rally.
The U.S. stock market showed a divergence from the crypto sector on Wednesday, with both the S&P 500 and Nasdaq 100 index futures reaching all-time highs, gaining about 0.3%.
Importantly, Bitcoin is now below the critical $76,000 level set by Bitmine (BMNR) Chairman Tom Lee, who stated that closing the month above this mark would indicate the end of the bear market.
Derivatives Market Insights
- Crypto futures volume surged by 54% to $201 billion over 24 hours, with liquidations rising by 87%. This significant increase is largely attributed to market activity picking up post a lengthy U.S. holiday rather than indicating a fundamental shift.
- Bitcoin experienced a 1% decline over the last 24 hours as open interest rose to 740K BTC from 704K BTC, a combination typically associated with a downtrend in prices. The negative cumulative volume delta (CVD) suggests that traders are actively shorting via market orders, while funding rates remain stable.
- Ether's open interest reached a record 15.57 million ETH, alongside a negative CVD, indicating that traders may be shorting contracts in anticipation of further price declines. This follows a breakdown of the bullish trendline that has supported the market since February, potentially leading to more significant losses.
- Open interest in ZEC futures has decreased for the third consecutive day, now at 2.30 million tokens, as prices drop towards $564. The concurrent fall in both price and open interest implies that previous bullish positions are being closed rather than new shorts being initiated.
- Bitcoin’s 30-day implied volatility index (BVIV) rose nearly 3% to 37.35%, marking its first increase in ten days and bouncing back from yearly lows. A continued rise would indicate that the market is beginning to pay for protection against a potential price drop.
- According to Deribit data, the $55,000 September put option was the most actively traded contract in the past 24 hours, signifying a bet on a significant decline in Bitcoin's price by the end of that month. Most activity has been concentrated on downside protection at various strikes between $70,000 and $76,000.
Market Highlights
- The CoinDesk Computing Select Index (CPUS) declined by 2.2% since midnight UTC, reflecting losses across the AI sector. Similarly, the DeFi Select Index (DFX) faced challenges on Tuesday, losing 1.5%.
- However, hyperliquid (HYPE) emerged as a bright spot, with its native token reaching a new record high this week and continuing to demonstrate strength on Wednesday, climbing 5.5% since midnight UTC.
- Monero (XMR) also showed notable gains, increasing by 5% on Wednesday as it retested Monday's high near $400.
- CoinMarketCap's "Altcoin Season" indicator improved to 36/100, indicating relative strength among select altcoins despite the overall market weakness.
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