Bitcoin's price fell below its 55-day support at $27,000 on May 12, resulting in a two-day, 7% correction to $26,155 and the liquidation of $100 million worth of long BTC futures contracts. Despite this, Bitcoin margin and futures markets showed strength during the downturn, giving hope for a recovery towards $28,000.

Regulatory pressure in the United States has increased, with Bitcoin miner Marathon Digital receiving another subpoena from the SEC, and Grayscale GBTC Trust Fund's 627,522 Bitcoins trading at a steep discount for over a year. However, professional traders using margin and futures contracts have not abandoned their bullish stance, indicating confidence that Bitcoin is more likely to reclaim $28,000 than succumb to the next support level near $24,500.