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18.05.202615:13 Analisis Forex & Kajian: Bitcoin drops like rock

Relevance up to 09:00 2026-05-23 UTC--4

Bitcoin plunged to a two?week low as global risk appetite deteriorated. The S&P 500 pulled back from record highs, and bond yields around the world are rising rapidly, leaving a non-yielding asset like crypto exposed. Market consensus is strengthening that the main driver of the BTC/USD drop is the change in the macroeconomic backdrop.

For a long time, investors in US stocks were less concerned about the state of the US economy, buoyed by blockbuster corporate profits. That could not last indefinitely: rising inflation fears are pushing Treasury yields higher and forcing the S&P 500 lower. In such conditions, Bitcoin feels out of place. For the first time since late January, crypto-focused spot ETFs registered weekly outflows of $1 billion.

Capital flows into Bitcoin ETFs

Exchange Rates 18.05.2026 analysis

Pressure on BTC/USD has been reinforced by Congress passing the so?called Clarity Act, which will regulate digital asset trading. Banks managed to defend their position: crypto firms will be allowed to pay interest only to active users. That will help prevent deposits from flowing from creditors into the crypto sector.

At first glance, the BTC/USD problem looks like a shortfall of investment. In reality, the issue runs deeper. During the presidential campaign, Donald Trump promised to make the United States the world's crypto capital. Digital assets enjoyed growth supported by the White House and even hit record highs in autumn 2025. Nevertheless, serious legislative barriers have now emerged, driven primarily by banking lobby interests.

Investors doubt that the US will become a haven for crypto. Combined with a worsening macro backdrop and capital outflows from specialized ETFs, this is prompting profit-taking on BTC/USD long positions. According to Coinglass, at the start of the European session on May 18, bullish Bitcoin positions totaling $590 million were liquidated. The fall in Bitcoin prices also hit other crypto assets, Ethereum and Solana.

Speculative positioning in Bitcoin

Exchange Rates 18.05.2026 analysis

Exchange Rates 18.05.2026 analysis

Thus, doubts about support for digital assets not only from the White House but also from Congress, together with a deteriorating external macroeconomic environment, are forcing BTC/USD lower. Markets are seeing a weakening of global risk appetite amid concerns that high oil prices will boost inflation and trigger broad monetary tightening by the Fed and other central banks.

Technically, on the daily chart, BTC/USD has played out a previously identified 1-2-3 reversal pattern. It makes sense to add to short positions opened from $80,650 if Bitcoin fails to recover above $77,500 in the near term.

* Analisis pasaran yang disiarkan di sini adalah bertujuan untuk meningkatkan kesedaran anda, tetapi tidak untuk memberi arahan untuk membuat perdagangan.

Marek Petkovich,
Analytical expert of InstaSpot
© 2007-2026
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