The Bitcoin price has dropped below the key 200-weekly moving average (WMA) level, leading to a significant sell-off in the broader crypto market. In the last 24 hours, BTC price has fallen by over 5%, briefly dropping below $26,100. Ethereum (ETH) price has also fallen by over 5%, dropping below $1750, resulting in a freefall in the crypto market as the selloff intensifies.

The crypto market is facing several issues, including macro and liquidity issues, meme coin season, and uncertainty, which have put Bitcoin price under selling pressure. May is turning out to be a crucial month for both the crypto and traditional markets.