Bitcoin remained pinned near the $77,000 level on May 22, struggling to recover after sliding from its May 11 peak of $82,145. At 9:00 a.m. Taipei time, BTC was trading at $77,371, down 0.73% over the past 24 hours. Intraday movement stayed narrow, with price ranging between $78,200 and $76,719. Ethereum also moved lower, changing hands at $2,129, a decline of 0.66%.
Liquidations show a choppy market with no clear direction
Total crypto derivatives liquidations reached $222.255 million in the last 24 hours, with about 75,000 traders wiped out and the largest single liquidation worth roughly $624,000. The breakdown points to a market that is punishing both sides. Over the 12-hour window, short liquidations led at $73.76 million, compared with $53.62 million in long liquidations, suggesting a brief squeeze higher. That pattern then reversed. In the most recent 4-hour and 1-hour periods, long positions took the heavier hit, including $2.44 million in long liquidations over the last hour versus $1.13 million for shorts.
Bitcoin had already shown signs of fatigue before this latest session. After topping out on May 11, it fell to $76,201 on May 19, its lowest point in nearly two weeks. The follow-up has been weak rather than dramatic: no deep washout, but no meaningful rebound either.
Hot CPI data and hawkish Fed minutes keep pressure on risk assets
The macro backdrop remained the main weight on sentiment. U.S. April CPI rose 3.8% year over year, above the market expectation of 3.7%, while monthly CPI came in at 0.6%, well above the expected 0.3%. After that print, markets leaned toward the view that the Federal Reserve would keep rates unchanged at 350–375 basis points at its June 17 meeting, with some traders also bracing for no rate cuts this year.
Pressure increased after the release of the Fed’s April FOMC minutes on May 21. The minutes showed that several officials saw renewed inflation risks as a reason to keep rates higher for longer, and some participants did not rule out the possibility of renewed hikes. That message weighed on broader risk appetite across markets.
There was also policy uncertainty around the Fed leadership transition. Kevin Warsh took over from Powell as Fed chair on May 15, and markets are still trying to assess what his policy approach may look like. U.S. equities closed lower on May 21 as well, with the S&P 500 down 0.45%, the Nasdaq down 0.50%, and the Dow down 0.48%. Higher oil prices, rising Treasury yields, and geopolitical tension related to Iran added to the cautious tone.
SOL stayed barely positive while XRP moved lower
Among other major tokens, SOL traded at $86.74, up 0.27% over 24 hours, making it the only major coin in the report to post a gain. Even so, it remained far below its $98.10 high from May 12. XRP traded at $1.3687, down 0.54%, and more than 10% below its $1.5371 high from May 15. Its session low touched $1.3512.
Fear deepens even as spot Bitcoin ETFs keep attracting money
The Crypto Fear & Greed Index dropped to 28, staying in the “Fear” zone. It was 29 a day earlier and 43 a week ago, a fast deterioration in sentiment that pushed the gauge close to the threshold for “Extreme Fear.”
Not every signal was negative. U.S. spot Bitcoin ETFs have recorded net inflows for two straight months, with about $2.44 billion coming in during April. On the policy side, the digital asset bill CLARITY Act cleared the Senate Banking Committee on May 15 and now heads to a full chamber vote. At the same time, Trump Media withdrew its Bitcoin ETF application on May 20, adding another drag on near-term sentiment.
White House crypto adviser Bo Hines said the Trump administration plans to publish a framework for a “strategic Bitcoin reserve�� before the legal deadline of July 22. For now, the immediate focus remains on whether Bitcoin can hold the $77,000 area while traders wait for a clearer macro signal.