Bitcoin’s price fell 2.24% to $108,737.49 on May 23, marking its largest single-day decline since May 12. The drop followed a five-day rally and came amid broader market profit-taking ahead of the weekend, with the cryptocurrency trading as low as $107,400 during the session. Analysts noted the decline coincided with renewed geopolitical tensions, including former President Trump’s threat of tariffs on EU imports and iPhones, which rattled risk assets globally.
Despite the pullback, Bitcoin remains up 15.49% month-to-date and 16.4% year-to-date, reflecting strong underlying bullish sentiment. The price is still 57% higher than its level from May 2024 and more than double its August 2024 low of $53,461. Derivatives markets and institutional accumulation, including Semler Scientific’s recent $50 million Bitcoin purchase, suggest long-term confidence persists despite short-term volatility.
The retreat from all-time highs near $112,000 appears technical in nature, with some traders viewing it as a healthy correction. Market observers are watching whether Bitcoin can hold support above $105,000, a level that previously acted as resistance before becoming a psychological floor. Upcoming regulatory developments, including potential CFTC guidance on crypto derivatives, could influence near-term price action.
