Bitcoin tumbled below $77,000 on Sunday night into Monday, May 18, 2026, extending a short-term pullback that has wiped out recent gains and erased roughly $33 billion from its market capitalization in hours.
As of early Monday, the cryptocurrency was trading at approximately $76,806, down about 1.62% over the past 24 hours, according to CoinMarketCap data. The 24-hour range stretched from a low near $76,678 to a high of $78,539, with trading volume exceeding $24 billion.
Geopolitical Jitters Trigger Fresh Selling
The immediate trigger appears to be a sharply worded post from President Donald Trump on Truth Social late Sunday. “For Iran, the Clock is Ticking, and they better get moving, FAST, or there won’t be anything left of them. TIME IS OF THE ESSENCE!” Trump wrote, following stalled negotiations and a call with Israeli Prime Minister Benjamin Netanyahu.
The hawkish tone revived fears of escalation in the Middle East, sending oil prices higher and strengthening the U.S. dollar while investors fled riskier assets.
Geopolitical jitters compounded existing pressures. U.S. spot Bitcoin ETFs have seen heavy outflows in recent sessions, including a record $635 million net withdrawal on May 13—the largest single-day exodus since late January. This led to a total outflow of $1 billion from funds during the week.
Additional redemptions followed, reflecting waning institutional momentum after earlier strong inflows. Broader macro headwinds, including sticky inflation data (PPI and CPI), rising Treasury yields, and thin weekend liquidity, amplified the selling.
Bitcoin had rallied toward the $80,000–$82,000 zone earlier in May, primarily following the Clarity Act optimism, but repeated failures to break resistance left it vulnerable to profit-taking. The latest decline marks a continuation of consolidation after a volatile period in which Bitcoin tested higher levels but struggled to maintain momentum amid shifting global risk sentiment.
Technical Analysis Shows Bearish Pressure
On the hourly chart from Bitstamp via TradingView, Bitcoin has broken below all major exponential moving averages, currently trading around $76,859, well beneath the 20-hour EMA at $77,589, 50-hour at $78,123, 100-hour at $78,767, and 200-hour at $79,355.
The sharp red candles on the right reflect accelerating downside momentum, with price rejecting resistance near $78,500–$79,000. MACD indicators are deeply negative, with the line at -359, signal at -243, and histogram at -116, confirming bearish momentum and potential for further weakness in the near term.
While volume spikes during the drop suggest aggressive selling, oversold conditions could invite a relief bounce if geopolitical tensions ease. However, near-term volatility is likely to remain elevated as markets digest both geopolitical headlines and economic data.
The coming hours will be telling as U.S. trading opens. Resistance remains clustered near $79,000–$82,000, while downside support sits around $74,000–$76,000. Any signs of de-escalation in the U.S.-Iran talks could quickly ease pressure and spark a recovery, while further escalation or sustained oil spikes might extend the slump.
Also read: Iran’s ‘Hormuz Safe’: Pay Bitcoin or Risk the Strait of Hormuz
