Bitcoin is trading near $79,350, down 1.83% over the past 24 hours, as a hotter-than-expected PPI print pushed the coin briefly below $80,000 for the first time since late April. The intraday range stretched from a session high near $81,286 to a low of $78,715 before a partial recovery followed.
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Speaking about the current market scenario, Akshat Siddhant, Lead Quant Analyst, Mudrex explains, “Bitcoin pulled back toward the $79,000 zone after US PPI inflation rose to its highest level since 2022, increasing concerns around prolonged monetary tightening by the Fed. Markets are also closely tracking developments from the talks between President Trump and China’s President Xi Jinping for broader direction.”
He further adds, “Another major catalyst is today’s Senate vote on the CLARITY Act, which currently carries roughly 65% odds of approval. A positive outcome could help Bitcoin break above the $83,000 resistance and move toward $85,000, while a rejection may push BTC below the $78,500 support, increasing downside pressure.”
Technically, Bitcoin is fighting a battle below two closely watched long-term trend indicators. The 200-day Simple Moving Average and the 200-day Exponential Moving Average are both sitting in the $82,000–$83,000 zone. Meanwhile, seven consecutive weeks of totaling $3.43 billion have provided a structural demand floor.
This demand has absorbed miner sell pressure, even as miners offloaded roughly 3,400 BTC in recent sessions. At the same time, Bitcoin ETF AUM has crossed a new 2026 high of $109 billion, while spot ETFs recorded over $532 million in daily inflows earlier in May. On the downside, $78,500 remains the key level, with $75,500 acting as the next meaningful support below it.