Bitcoin price drops below $80,000 as U.S. investors lead selloff
After several failed attempts to rally above $82,200 over the past seven days, Bitcoin ($BTC) price fell below its psychological support level around $80,000 on May 13, amid low demand in the United States. Bitcoin price has dropped nearly 3% over the past 7 days, trading at about $79,340 at press time. The flagship coin lost more than $2,176 per coin on Wednesday, hitting its lowest level in seven days. $BTC/USD 7-day chart. Source: Finbold Amid increased volatility in the past 24 hours, over $91.5 million was liquidated, with more than $77.5 million involving long traders, according to metrics from CoinGlass. Bitcoin price succumbs to rising selling pressure in the U.S. Bitcoin price slipped below $80,000 on Wednesday as United States investors remained predominantly cautious ahead of Thursdays markup reading for the Clarity Act – a proposed U.S. federal law seeking to legalize crypto assets. Furthermore, the recent $BTC price rally to reach above $82,200 was largely backed by leveraged traders, as Finbold explained. Meanwhile, the Bitcoin Coinbase Premium Gap – difference between $BTC price on Coinbase and Binance – remained largely negative over the past 24 hours, according to data from CryptoQuant. Essentially, a negative Coinbase Premium Gap indicates that U.S. investors are not willing









