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.
Amid growing uncertainty in digital asset markets, major cryptocurrencies faced intense selling pressure that pushed Bitcoin and Ethereum toward critical support levels. According to reports, Bitcoin's price fell to $62,500, remaining 50% below its previous all-time high. This decline marks the asset's worst weekly performance since July 2024, as the market struggles to maintain positive momentum above key technical thresholds.
This downturn coincides with mixed performance across global risk assets, as the crypto market reacts to shifting expectations regarding U.S. monetary policy. Looking at peer performance, Ethereum has faced similar declines under sustained selling pressure, while the Chicago PMI recorded a strong reading of 62.7 on May 29, 2026, per market data, potentially strengthening the dollar and weighing on non-yielding assets.
Traders are currently monitoring the $62,500 support level as a vital psychological and technical barrier for near-term price direction. On the economic calendar, markets are awaiting a speech by Fed Chair Jerome Powell scheduled for May 31, 2026, which may provide clues regarding interest rate trajectories and their impact on crypto market liquidity.
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