Bitcoin slides to $75,000 as spot volume surge points to rising volatility

Bitcoin fell to the mid-$75,000 range on May 27 as spot trading surged, pointing to heightened near-term volatility. The largest cryptocurrency by market cap was changing hands at around $75,400 as of 15:30 UTC, extending a pullback that began after a rejection at $82,000 resistance last week.

The Fear and Greed Index, a gauge of market sentiment compiled by data provider Alternative.me, dropped to 40 — its lowest since March — reflecting growing caution among traders. "The market is in a phase of indecision, and this erratic attitude should persist until the price action gives clearer indications of a trend reversal or continuation," said Alejandro Arrieche, a crypto market analyst.

The pullback follows a 3.6% decline over the past seven days. Open interest in Bitcoin futures has climbed to $64 billion from a low of $43 billion in March, according to Coinglass, suggesting traders are positioning for larger directional moves. The OI recovery, while still 32% below its October 2025 peak, marks a gradual return of speculative interest.

Whale wallets have accumulated 30,000 BTC in the first 20 days of May, worth roughly $2.4 billion at current prices, according to on-chain data. This follows $4 billion in whale purchases in April, indicating that deep-pocketed investors continue to accumulate despite the pullback. Bitcoin's dominance over the broader crypto market has held steady near 58%, reflecting the relative strength of BTC compared to altcoins during the correction.

The pullback also reflects broader macro uncertainty. Geopolitical tensions persist as Iran threatened to escalate the conflict beyond its borders, keeping oil prices above $100 a barrel. The appointment of Kevin Warsh as Federal Reserve chair earlier this week has been viewed as dovish by market participants, though the change has done little to reverse the latest crypto selloff.

The next key support sits at $77,000, a level that has held during the current correction. A break below that could open the door to a retest of $72,000, while a recovery above $80,000 would put $85,000 back in play. Despite the near-term weakness, on-chain signals including a weekly RSI reading below 30 — a pattern that has preceded strong gains in past cycles — suggest the broader uptrend remains intact. The last three instances of this signal produced gains of 100% or more over the following 6 to 12 months, with Standard Chartered maintaining a $200,000 mid-term target for the top crypto.

This article is for informational purposes only and does not constitute investment advice.