Bitcoin Falls Below $77,000 After May Rally Fades

Bitcoin fell below $77,000 after a nearly 5% weekly decline as gains tied to the May 13–15 Trump‑Xi summit, NVIDIA’s AI rally and the Senate Banking Committee’s CLARITY Act markup eased. The cryptocurrency hit intraday highs near $82,000 earlier in May before the recent pullback.

The summit between U.S. President Donald Trump and Chinese leader Xi Jinping in Beijing from May 13 to 15 coincided with a short-term rise in risk assets. Bitcoin rose about 2% around the meetings and reached intraday peaks near $82,000. Delegation members included several technology executives, and trade agreements and discussions about technology access were cited as factors that reduced geopolitical strain during the summit.

NVIDIA’s rally and renewed investor interest in artificial intelligence also coincided with bitcoin’s recent gains. Over a recent 45-day stretch, the S&P 500 and Nasdaq recorded multi-week gains while NVIDIA’s shares climbed sharply; market observers linked part of bitcoin’s advance to stronger flows into technology stocks. At the peak of the run-up, NVIDIA’s market valuation was reported near $5.5 trillion and bitcoin rose more than 25% during the same period.

On May 14 the Senate Banking Committee approved a markup of the Digital Asset Market Clarity Act by a 15–9 vote. The bill would divide regulatory oversight of digital assets between the SEC and the CFTC, classify many tokens including bitcoin as commodities, and set rules for stablecoins while debating limits on interest-like payments to holders. The committee vote briefly pushed bitcoin toward $82,000; the measure still requires 60 Senate votes to advance and may not reach final approval until August.

Market analysis and technical commentary showed mixed signals after the slide. Christopher Jensen at Franklin Templeton projects bitcoin returning above $100,000 in base-case scenarios, and some forecast ranges for year-end 2026 run between $95,000 and $120,000, with more aggressive models extending toward $150,000. Michael van de Poppe flagged a CME gap at $79,100 as likely to be tested and identified a lower support area near $71,000 if that level fails. Technical analyst Lennaert Snyder wrote that bitcoin had taken out prior daily and weekly lows and described a short-term bearish bias after rejecting a weekly high near $82,800.

Market participants cited a mix of factors that could affect prices going forward, including rising bond yields, persistent inflation, temporary outflows from spot bitcoin ETFs, unresolved legislative steps on Capitol Hill and geopolitical uncertainty related to Taiwan. Traders said they will monitor price action in the low $70,000s, ETF flows and any further legislative developments for signs of the next directional move.