Bitcoin price suffered a historic breakdown, shattering a support level that had held for 14 years and sinking below the psychological $75,000 mark. According to market data, BTC was trading at $74,887 on Binance USDT on May 23, extending losses after analyst warnings of capitulation.
The sharp decline began to materialize on May 22, when crypto analyst Phila noted that Bitcoin had broken its multi-year support. ‘This is not a dip, a correction, or a shakeout – it’s capitulation happening in real time,’ he posted on X, predicting a price drop to $55,000. Phila pointed to a chart pattern mirroring the 2021 double-top, lower highs, and lower lows, suggesting that a relief rally was merely a trap before a potential move toward $50,000.
At the time, Bitcoin was hovering around $77,500. Another analyst, Ali Martinez, identified $77,800 as a critical level to reclaim for a possible bounce to $79,000. Failure to break above could see a retracement to $76,900 or the channel bottom of $76,000. Those levels were quickly obliterated as selling pressure intensified.
The breach of $75,000 – a longstanding support and resistance zone – sent shockwaves through the market. Macroeconomic uncertainty, profit-taking, and shifting institutional positioning further fueled the sell-off. Major altcoins like Ethereum (ETH) and Solana (SOL) followed Bitcoin lower, pulling the total crypto market capitalization down. Many analysts now point to the $72,000–$73,000 range as the next key support, while Phila’s bearish thesis keeps the $50,000 target in focus.
