Bitcoin slips under $77,000 after May catalysts fade

Bitcoin fell below $77,000 after a nearly 5% weekly decline following mid‑May gains tied to the U.S.–China summit, NVIDIA’s involvement and the Senate CLARITY Act markup.

The Trump‑Xi summit in Beijing ran from May 13 to 15, 2026. Markets reacted to a conciliatory tone between President Donald Trump and President Xi Jinping, and Bitcoin rose about 2% to 2.3% in the hours around the meetings, reaching intraday highs near $82,000. Sadiq Tech wrote that when investors hear about possible U.S.–China cooperation, risk appetite increases and assets like Bitcoin respond quickly.

NVIDIA CEO Jensen Huang joined the U.S. delegation, highlighting AI chips and access to China’s market. The technology sector hit record highs in May, and Bitcoin has shown correlation with big tech gains. Some mining companies are exploring high‑performance computing and AI services to reuse data center capacity.

On May 14, the Senate Banking Committee voted 15 to 9 to approve a markup of the Digital Asset Market CLARITY Act. The draft legislation would split oversight of digital assets between the SEC and the CFTC and would classify many tokens, including Bitcoin, as commodities. The bill includes rules for stablecoins and debate continued over a possible ban on interest payments to token holders. Bitcoin spiked to about $82,000 on the markup news before settling back into the low $80,000s. The measure must clear further congressional steps before any provisions take effect.

After the mid‑May peak, selling pressure pushed prices lower. U.S. Treasury yields rose, inflation readings showed persistence, spot Bitcoin ETFs recorded intermittent outflows, and regulatory questions remained at domestic and international levels. Ongoing tension over Taiwan was noted as an additional source of geopolitical uncertainty.

Analyst projections vary. Christopher Jensen at Franklin Templeton includes a recovery above $100,000 in his base scenarios. Collected market forecasts for year‑end 2026 range from about $95,000 to $120,000, while a smaller group of bullish forecasts reaches near $150,000 if institutional demand accelerates and the May catalysts reinforce each other.

Technical traders pointed to near‑term levels to watch. Michael van de Poppe warned of a CME gap around $79,100 that may be filled and identified roughly $71,000 as a potential next support level if that zone does not hold. Lennaert Snyder wrote that his intraday bias is bearish after Bitcoin rejected highs near $82,800 and that the probability of retaking the prior weekly high is low.

Miners could benefit if hardware flows from China stabilize, easing supply constraints for rigs and components. The shift by mining firms into AI computing depends on ongoing demand for AI chips and new revenue streams. The CLARITY Act would not change market or regulatory conditions until it completes further legislative steps.