In this video, we break down Bitcoin on the Daily, 4hr & 1hr chart using Elliott Wave Theory. You’ll discover both bullish and bearish scenarios, plus the critical price levels and targets to watch. Video by Koenz Trading.
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On May 29, 2026, Bitcoin (BTC) is trading between $72,500 and $73,500, fighting downside pressure as it hovers around its lowest levels since early April. The digital asset is down roughly 1.1% on the day, approximately 5.5% over the past week, and roughly 31.8% lower than its position one year ago.
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Bitcoin Insights Today
1. Record 9-Day Spot ETF Outflow Streak - Institutional demand has sharply waned. Spot Bitcoin ETFs posted a historic 9 consecutive days of net outflows, bleeding $2.8 billion total. Yesterday alone, net outflows reached $223.3 million, marking the single largest one-day institutional withdrawal in over three weeks and indicating heavy capital rotation out of BTC.
2. Massive $7.5 Billion Options Expiry - Traders are closely watching the expiration of $7.5 billion in monthly options contracts on Deribit (consisting of $6.2 billion in BTC and $1.29 billion in ETH). Max pain mechanics sit at $75,000 for Bitcoin. Because current prices are trading under max pain, dealers short below that mark may experience intense spot market buying pressure into the weekend settlement window.
3. Macro Headwinds and Geopolitical Respite - While global stock markets hit record highs, crypto is decoupling due to macroeconomic indicators. Emerging details regarding a tentative 60-day extension of the U.S.–Iran ceasefire sent Brent crude down, easing broader war fears. However, inflation risks remain sticky—U.S. Core PCE data shows structural energy cost inflation nearing 4%. This keeps expectations of a Federal Reserve rate cut in 2026 fully off the table, constricting the global liquidity required to fuel risk assets like crypto.
4. Legislative Movement: Strategic Reserve Bill - On the structural front, the U.S. House introduced the American Reserve Modernisation Act of 2026 (ARMA). This bipartisan bill proposes creating a formal Strategic Bitcoin Reserve by locking up the federal government's existing $26 billion in crypto holdings for 20 years. While it replaces earlier, more aggressive proposals to outright purchase 1 million BTC, the news provides long-term foundational legitimacy despite short-term macro headwinds.
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