Bitcoin Slides Below $75K as Long Liquidations Top $106 Million

Bitcoin extended its downward trend on May 28, slipping below the crucial $75,000 support level and triggering a wave of liquidations across the crypto market. The world’s largest cryptocurrency briefly dropped to around $74,530 before stabilizing near the $75,000 mark, as traders reacted to weakening spot demand, fading ETF inflows, and growing uncertainty surrounding global macroeconomic conditions.

At the time of writing, Bitcoin (BTC) is trading around $75,100, according to recent market data, while its total market capitalization remains slightly below the $1.5 trillion threshold. The latest correction erased nearly 3% of Bitcoin’s weekly gains and intensified volatility across the broader cryptocurrency market.

Bitcoin Price Drops as ETF Momentum Slows

The recent BTC price decline comes as onchain analytics firm Glassnode reported signs of cooling momentum underneath the surface. While Bitcoin continues to show long-term resilience thanks to strong holder accumulation, analysts noted that fresh capital inflows have slowed considerably compared to earlier stages of the current bull cycle.

According to Glassnode’s latest report, weakening spot demand and declining U.S. spot Bitcoin ETF netflows have reduced buying pressure in recent days. This shift has left Bitcoin increasingly tied to broader macroeconomic sentiment rather than acting as a completely independent asset class.

The sell-off accelerated during the U.S. trading session when BTC plunged from approximately $76,800 to below $74,700 within hours. Although Bitcoin briefly rebounded above $75,300, the recovery quickly lost momentum as traders continued reducing exposure to leveraged positions.

Over $106 Million in Long Positions Liquidated

The sharp correction triggered major liquidations in the derivatives market. Data from CoinGlass showed that more than $115 million worth of leveraged Bitcoin positions were wiped out within 24 hours, with long traders accounting for roughly $106 million of those losses.

Across the wider crypto market, total liquidations surpassed $330 million, highlighting how heavily leveraged sentiment had become following Bitcoin’s recent rally attempts. Analysts have warned for weeks that crowded long positioning could create additional downside pressure if momentum weakened.

The liquidation cascade also impacted several major altcoins, including Ethereum, Solana, and Dogecoin, all of which recorded notable intraday declines alongside Bitcoin.

Despite the volatility, some market observers believe the correction may represent a healthy reset rather than the beginning of a prolonged bearish trend. Institutional interest in Bitcoin remains significantly stronger than during previous cycles, even as short-term inflows fluctuate.

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Macro Uncertainty Continues to Pressure Crypto Markets

Bitcoin’s latest decline also comes amid broader global uncertainty. Investors continue monitoring U.S. inflation data, Federal Reserve policy expectations, and geopolitical developments in the Middle East.

Energy markets cooled slightly after reports suggested diplomatic negotiations between the United States and Iran could progress further before the end of May. Brent crude oil prices retreated toward $95 per barrel, helping global equity markets remain relatively stable despite ongoing geopolitical tensions.

However, prediction markets remain cautious. Traders on Polymarket currently assign relatively low odds to a near-term U.S.-Iran agreement, reflecting continued uncertainty about how geopolitical risks may impact financial markets moving forward.

Historically, Bitcoin has become increasingly sensitive to macroeconomic developments during periods of institutional participation. While earlier crypto cycles often moved independently from traditional finance, today’s market environment shows Bitcoin reacting more closely to global liquidity conditions, risk appetite, and ETF-driven capital flows.

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Analysts Watching Key Bitcoin Support Levels

Technical analysts are now closely monitoring the $74,000 to $75,000 range as a key short-term support zone for Bitcoin. A sustained move below that level could potentially open the door for additional downside toward the $72,000 region.

On the upside, BTC would likely need to reclaim the $77,000–$78,000 range to restore bullish momentum and encourage renewed institutional buying activity.

Despite the correction, many long-term investors remain optimistic about Bitcoin’s broader trajectory in 2026, particularly as institutional adoption, ETF accessibility, and regulatory clarity continue evolving worldwide.

Several analysts also point out that temporary pullbacks are common during larger bullish market cycles, especially after periods of aggressive leverage accumulation.

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Expert Thoughts

Bitcoin’s slide below $75,000 highlights the fragile balance currently shaping the cryptocurrency market. Slowing ETF inflows, macroeconomic uncertainty, and heavy leverage exposure combined to trigger one of the largest liquidation events of the month.

While short-term sentiment remains cautious, the broader long-term narrative around Bitcoin adoption and institutional participation continues to support optimism among many investors. As traders await fresh economic data and potential catalysts, volatility is likely to remain elevated across the crypto sector in the coming days.

Source: Bitcoin.com