Crypto dips as investors favor US stocks; Bitcoin tests support
Crypto market fell 0.51%, losing about $13 billion as capital rotated into U.S. stocks; Bitcoin slipped 0.6% to $76,786, testing support near the $76,030 0.382 Fibonacci level.
The crypto market fell 0.51%, erasing roughly $13 billion in value to about $2.54 trillion as capital shifted into U.S. stocks. The total market capitalization sits near a technical swing line drawn from the late-March low to the early-May peak and close to the 0.382 Fibonacci level at $2.53 trillion.
Bitcoin traded at $76,786, down 0.6%, and remained just above the 0.382 Fibonacci support at $76,030. Bitcoin has moved inside an ascending parallel channel since March 30, with the channel’s lower boundary tested on May 23. Daily Bitcoin trading volume has declined since May 20, with the most recent session recording the lowest volume in that stretch.
A daily close above $78,654 (0.236 Fibonacci) would open a path to the channel high near $82,895. A daily close below $76,030 would expose $73,910 (0.5 Fibonacci) and $71,789 (0.618) as the next downside checkpoints.
If the $2.53 trillion market-cap level holds, upside targets include $2.60 trillion (0.236 Fibonacci) and the $2.72 trillion swing high. A break below $2.53 trillion would put $2.47 trillion (0.5 Fibonacci) and $2.42 trillion (0.618) into focus.
Zcash led losses among the top 100 tokens, falling about 4.25% to $624 while remaining inside a rising parallel channel that began on April 29. The token compressed toward the channel’s lower boundary, which sits above $570, and sell-side volume thinned during the decline.
Coinbase executives backed the CLARITY Act, arguing payment stablecoins could present lower risk than commercial bank deposits under a proposed GENIUS reserve framework. Security incidents included the theft of about $3.2 million from 86 Gnosis Safes via a third-party SquidRouterModule; the Squid project stated the exploited contract was not its code. Separately, Hyperliquid launched canonical outcome markets that settle based on off-chain events, with validators responsible for voting on market deployment and settlement.
U.S. equity markets were closed Monday for Memorial Day. The S&P 500 closed last Friday at 7,473.47, up 0.37%.
Traders are expected to watch the identified support and resistance levels when U.S. markets reopen.
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