Analysis: Bitcoin at $74,000 is a key support level, and attention should be paid to the policy statements of Federal Reserve Chairman Waller
By: rootdata|2026/05/20 04:45:03
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According to The Block, Bitcoin fell below $77,000 on Sunday night Eastern Time, reaching a low of $76,593. Analysts pointed out that the main trigger was U.S. President Trump threatening Iran in a post on Truth Social, stating that military action would be taken if the peace agreement continued to be delayed, raising geopolitical risks.
Meanwhile, Brent crude oil rose 1.78% to $111.2 per barrel, and WTI crude oil increased 2.2% to $107.7 per barrel, as the market worries that rising oil prices will increase inflation and prompt the Federal Reserve to resume interest rate hikes. Additionally, Bitcoin ETFs recorded a net outflow of $1 billion last week, ending a six-week streak of net inflows, and the Fear and Greed Index fell back to a "fear" range of 27.
Analysts stated that in the short term, Bitcoin will be highly correlated with the macro market, with $74,000 being a key support level. Attention should be paid to the policy statements of the new Federal Reserve Chair, Waller, and the progress of the "Cryptocurrency Clarity Act."
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