Bitcoin slips below $74k for the first time since April as on-chain data shows momentum stalling
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Bitcoin slipped below $75,000 for the second time in May, touching an intraday low near $74,200 as the market's recovery from spring lows lost momentum again.
Key facts
Glassnode says dealers have concentrated their positioning around the $75,000-$76,000 strikes for May monthly expiry, with more than $8 billion of negative gamma near $75,000
Glassnode's May 27 report frames both moves as symptoms of Bitcoin stabilizing above its deeper-cycle support, but the market's $75,000-$78,000 band has become a bottleneck, with spot demand, ETF
The Realized Profit/Loss Ratio stands at 1.56, confirming net positive flows since the $60,000 floor, but it sits below the 2-5 range the firm associates with early, persistent bull markets
Glassnode says that the threshold, consisting of the convergence of the Short-Term Holder Cost Basis and the True Market Mean near $78,000-$78,300, is the level needed to validate a pre-bull
Summary
01 Bitcoin dipped to a low of $72,600, slipping under $75,000 for the second time in May as spring recovery faded. 02 ETF outflows, weak spot demand, and $8 billion in negative gamma have pinned price below the $75,000-$78,000 recovery band. 03 Whether BTC reclaims $78,000 after May expiry will decide if the market resumes recovery or drifts back toward $60,000. The first break came on May 23, when spot ETF outflows and forced liquidations pulled BTC to below $75,000.