Bitcoin’s price began to recover on April 30 as buyers defended the broader $75,000 support area on improving short-term sentiment. The momentum was further strengthened in early May when BTC climbed to $82,000 on the back of rising speculative participation.
However, repeated rejections around $81,000 and $82,000 gradually weakened the bullish continuation as profit-taking pressure mounted in the broader market.
That weakness accelerated between May 12 and 16 as big red candles pushed Bitcoin back below the key $80,000 support at the time of writing.
As expected, altcoins alongside Bitcoin also fell sharply as broader risk appetite weakened amid rising uncertainty.
Solana [SOL] fell by almost 7.9% and Hyperliquid [HYPE] fell by 6.6%, while Cardano [ADA] lost more than 7% of its value. Meanwhile, Tron [TRX] and BNB [BNB] remained relatively resilient despite broader market weakness.