Bitcoin price is currently under selling pressure amid efforts by investors to find stability in terms of support levels for the Bitcoin price, which declined previously. Despite the high momentum seen in the cryptocurrency markets, it appears that leverage positions have slightly decreased. Investors and analysts believe that BTC could further drop before stabilizing.
At the time of writing, the BTC is trading at $79,802, marking a 1.51% decline over the last 24 hours. The BTC recorded a daily trading volume of $39.60 billion, while its total market capitalization was approximately $1.59 trillion, according to CoinMarketCap.
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Bitcoin Price Faces More Downside
On May 14, 2026, a crypto analyst, More Crypto Online, pointed out that the Bitcoin price is still struggling to form a solid support base, although there has been no convincing sign yet that the ongoing correction has come to an end. More Crypto Online stated that the price is still trading in such a manner that allows for further declines if buying pressures do not rise soon.
He further stated that since the formation is being followed in lower timeframes, there is a possibility that the market is still working through wave (2), whereby there will be a period of unclear movements before forming a trend. Therefore, the “blue scenario” will be in play, implying that the downward trend is not yet finished.
The level at $76,527 is attracting attention as one of the areas where buying interest might come into play and is viewed as significant for sustaining the 1-2 formation, which could lead to a positive move.
Bitcoin Derivatives Signal Mixed Sentiment
Although there have been some negative trends recently, market participation remains very strong. The crypto trading volume grew by 17.47% to $65.50 billion, reflecting continued investor interest and short-term investors in spite of market volatility. Meanwhile, the open interest dropped by 0.68% to $59.92 billion.
Derivative market statistics continue to show some degree of optimism. The OI-weighted funding cost remained positive at 0.0052%, which indicates that those holding the long position are still paying the premium for maintaining their positions. However, there seems to be a strong pressure from the short side affecting the Bitcoin price in the near term.
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