The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
Bitcoin price has retraced to a crucial support level of $76,000, according to reports from CoinTelegraph. This decline triggered a broader sell-off across major large-cap altcoins. Technical indicators suggest that the market is currently testing major support levels following a sustained period of selling pressure.
This downturn coincides with broader market caution following US inflation data released on May 12, 2026, which showed the annual CPI at 3.8%, exceeding the 3.7% forecast per market data. These inflationary pressures have weighed on risk assets, impacting the SPX index and cryptocurrencies like ETH and SOL while supporting the DXY dollar index.
Traders should watch the $76,000 zone as a pivotal level, with prices hovering near this mark as of the close on May 18, 2026. Looking ahead, upcoming speeches from Federal Reserve officials remain a key catalyst that could influence dollar strength and crypto market liquidity in the near term.
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Sign InUpdate: The sell-off has expanded to include other altcoins such as SHIB, XRP, and HYPE, which are facing increased selling pressure as volatility returns. According to reports, the broader market structure is losing the bullish momentum seen during the earlier recovery phase, signaling a shift toward a more defensive investor sentiment.