BTC could fall to low $70K range if $75K support fails, says Wintermute

Bitcoin could see a rapid decline to the low $70,000s if it fails to maintain support at $75,000, according to an analysis by crypto market maker Wintermute. The firm noted that this week, only assets driving inflation have risen in the broader market, with cryptocurrencies taking a bigger hit than stocks. Wintermute stated that structural buying pressure remains, with exchange reserves at multi-year lows, long-term holders still accumulating, and progress being made on the Clarity Act. However, the firm pointed out that institutions used the recent price rally as an opportunity to take profits rather than to buy, a trend that currently outweighs the structural buying pressure. The analysis suggests keeping an eye on the $76,000–$78,000 range. If Bitcoin can hold this level until Nvidia's (NVDA) earnings announcement on May 20, the uptrend could resume. A break below $75,000, however, could trigger a swift decline. "Maintaining a long position in the current situation is like hoping for institutions to re-enter amid rising interest rates and re-accelerating inflation," Wintermute explained. "This may be an unreasonable expectation until the market digests the changing macroeconomic environment."