BlockBeats news: On May 27, the cryptocurrency market reached a critical juncture. After failing to break above $78,000 on Tuesday, Bitcoin has fallen below the $76,000 "bearish divide" defined by Tom Lee and is now approaching the $75,000 support level. Ethereum also retreated after reaching $2,150 on Tuesday, declining toward the $2,000 support before rebounding near $2,050. AI-themed tokens RENDER, FET, and NEAR gave up most of their gains from Tuesday.
Market performance has clearly diverged from U.S. stocks. S&P 500 and Nasdaq 100 index futures both reached new all-time highs, rising approximately 0.3%.
In the derivatives market, crypto futures trading volume surged 54% in 24 hours to $201 billion, with liquidations rising 87%, primarily reflecting market resumption after the U.S. holiday. Bitcoin open interest climbed to 740,000 BTC, with a negative 24-hour volume differential indicating traders actively shorting via market orders. Ethereum open interest reached a record high of 15.57 million ETH, but the volume differential was also negative, suggesting traders are shorting contracts in anticipation of deeper declines following a breakdown of key technical support trends. The Bitcoin 30-day implied volatility index rebounded from its yearly low, rising nearly 3% to 37.35%, signaling growing market demand for downside protection.