Bitcoin has now retested a major structural support level, and the big question is whether the market can still push higher before a larger correction unfolds.
In this video, we break down two bullish Bitcoin scenarios using Elliott Wave Theory while still keeping the broader bear market thesis intact. We discuss why the current rally may still be part of a larger corrective B-wave, what would confirm another move toward $95K–$100K, and what would be needed to truly invalidate the bearish outlook.
Bitcoin is trading at approximately $76,800 to $77,000, staging a sharp recovery from five-week lows of $74,250 hit earlier in the weekend. The broader crypto market capitalization recovered roughly $75 billion following major geopolitical developments
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Bitcoin BTC Price News & Insights Today 24-5-2026 - Technical analysis of BTC, on market structure, key support and resistance zones. Video by More #Crypto Online.
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Bitcoin Insights Today
The sudden upward price shift is primarily attributed to a major macroeconomic catalyst:
-Iran Peace Agreement: President Donald Trump announced that a peace agreement with Iran has been largely negotiated.
-Strait of Hormuz Reopening: The deal includes provisions to reopen the vital global oil chokepoint. This has effectively alleviated localized energy price anxieties that weighed down risk assets for the past three months.
-Market Liquidations: The rapid price rebound triggered $328.97 million in total crypto liquidations over the last 24 hours, punishing late-joining short positions ($138.97 million short liquidations).
Despite the immediate relief rally, the asset faces mid-term structural resistance:
-ETF Outflows: Spot Bitcoin ETFs experienced a notable $2.26 billion bleed over the past two weeks, demonstrating cooler organic institutional participation.
-Michael Saylor's Outsized Role: Recent data from 10x Research via Moneyweb reports that the market has grown heavily reliant on a single corporate entity. Michael Saylor's Strategy has acquired 171,238 BTC year-to-date through financial capital market engineering, masking lighter organic retail demand.
-Technical Resistance: Bitcoin is still localized in a broader multi-month bear phase, having crashed from its $126,000 peak in October 2025. It faces key technical resistance moving averages at $83,000. Yesterday, it temporarily tapped the lower dynamic resistance 50-day exponential moving average (EMA) around $77,000 during early Sunday trading sessions.
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