Bitcoin fell below $78,000 on Saturday morning, touching an intraday low of $77,614 before stabilizing near $78,000. The move pushed 24-hour losses to 3.2%, pulled market cap to $1.56 trillion, and coincided with nearly $700 million in liquidations, including $666 million in longs.

Bitcoin fell to $78,000 on May 16, 2026 after more than $500 million in long positions were liquidated overnight. The pullback came a day after the U.S. Senate advanced the Clarity Act, which had helped spark a 5% XRP rally, but broader macro pressures weighed on risk assets.

Bitcoin fell below $78,000 after a short-lived rally that jumped from under $79,000 to $82,000 following progress on the CLARITY Act. Analysts pointed to miner selling of 800 BTC (about $64 million) and warned the move could mark a bull trap, with one calling for a potential drop toward $63,000. Others argued losing $80,000 support does not automatically imply a steep crash.

Bitcoin (BTC) slipped below $80,000 after nearly $60 billion left risk markets on May 15, as investors reassessed macro conditions. With April inflation at 3.8% and rate-hike odds for January above 50%, BTC fell more than 2.6% in under 48 hours while spot demand indicators weakened.

Bitcoin was turned back at the 200-day SMA and slid toward the $77,500 support area after trading above $81,000 earlier in the week. U.S. spot Bitcoin ETFs posted broad net outflows totaling about 3,670 BTC, while macro data including a 1.4% monthly PPI and 3.8% annual CPI weighed on rate-cut expectations.

Clients tied to BlackRock's IBIT spot Bitcoin ETF sold about $317.1 million worth of BTC this week, adding fresh outflow pressure. U.S. spot Bitcoin ETFs then logged a $290 million net outflow on May 15 and finished the week near $1 billion in withdrawals. Bitcoin also slid 3.2% over the prior 24 hours, briefly dipping back toward the $78,000 range after trading above $82,000.

Strategy said on May 15 it agreed to repurchase about $1.5 billion principal of its 2029 convertible notes for an estimated $1.38 billion in cash. In a Form 8-K, the company said the buyback may be funded with cash reserves, ATM sale proceeds and/or Bitcoin sale proceeds, formally placing BTC as a named funding option for near-term liabilities.

Jerome Powell’s second four-year term as U.S. Federal Reserve chair ended on May 15, and the Fed said he will remain in a temporary capacity until Kevin Warsh is sworn in while also staying on the Board of Governors through January 2028. Analysts said sticky inflation and ongoing geopolitical uncertainty could weigh on liquidity and limit Bitcoin and broader crypto upside into the next policy decision expected in mid-June.