Bitcoin has climbed toward the $80,000 area in recent weeks, extending its rebound from the bear-market lows seen in Q1 2026, but momentum appears to be fading near this psychological level. A May 15 analysis argues on-chain indicators suggest a “low-velocity” range is forming around $80,000, while BTC trades just above $79,000 after an almost 3% daily drop.

Bitcoin fell back below $80,000, sliding to $79,049 on Saturday after earlier-week strength. The move followed a 6% U.S. producer price inflation print and coincided with U.S. spot Bitcoin ETF outflows of $1 billion for the week ending May 15, with $78,000 now the key support level.

Bitcoin remained capped below key resistance while derivatives traders priced in lower near-term volatility and price action stayed range-bound between roughly $76,000 and $82,000. Network metrics also improved, with Network Growth rebounding from below the 20 level in early 2026 and Active Addresses recovering toward 520,000–630,000. Even so, repeated rejections near $80,000 and macro uncertainty could still leave markets exposed to a renewed volatility upswing.

Bhutan's Druk Holding and Investments (DHI) CEO Ujjwal Deep Dahal said in 2026 that he does not "recall" the country selling bitcoin this year, even as onchain-based reports have suggested reductions in holdings. Arkham-labeled wallets show Bhutan's BTC balance falling from 13,000 BTC in Oct. 2024 to 3,121.22 BTC, valued at $243.72 million. Arkham told Coindesk the wallet labels are generated using public data, AI, and other methods, but have not been independently verified with Bhutanese officials.

Strategy said on Friday it plans to repurchase $1.5 billion of its 0% senior convertible notes maturing in 2029, which it said would retire about half of that tranche's outstanding debt. The company also disclosed an estimated $1.38 billion buyback agreement reached through privately negotiated transactions with some noteholders on Thursday, with settlement expected Tuesday and the final amount subject to market conditions.

Bitcoin's rebound from $78K lost steam after another rejection beneath $80K, with resistance also clustered near the descending 200-day moving average around $82K. The setup keeps downside risk elevated, with analysts flagging $75K–$76K as the first key demand area and $70K–$71K as a deeper support zone if selling pressure builds.

Bitcoin (BTC) slid below $78,000 on Saturday and printed an intraday low of $77,614, its weakest level since May 1. Traders pointed to weakening support with $75,000 and even lower levels on watch, while some argued the move could be setting up a "bear trap" as open interest rose and funding rates turned negative.

US-listed spot Bitcoin ETFs recorded a $1 billion net outflow over the past week, ending a six-week stretch of inflows and equating to roughly 14,000 BTC leaving the funds. Bitcoin fell about 3% over the same period to $78,074 at press time as markets digested hotter inflation readings and shifting expectations around Fed policy.