BTC Slips Below $74K as Momentum Falters
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Bitcoin dipped below $74,000 for the first time since April, hitting an intraday low near $74,200 as the recovery from spring lows stalled. This marks the second break below $75,000 in May, following a similar drop on May 23 driven by spot ETF outflows and forced liquidations. The latest decline was exacerbated by a broader sell-off in Asian markets, contributing to renewed selling pressure.
On-chain data indicates stalling momentum, with key metrics such as transaction counts and active addresses showing a slowdown. The inability to sustain levels above $75,000 suggests that bullish conviction remains fragile, and the market may be vulnerable to further downside if external factors like regulatory developments or macroeconomic headwinds intensify. However, support near $74,000 has held so far, and a bounce from this level could restore some confidence in the short term.
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