Bitcoin Bulls Defend $79,200 as $28.3M in Long Liquidations Resets Risk

first published 2026-05-08T08:50:57Z

Renewed U.S.–Iran military tensions on May 8 sparked a broad risk-off move that knocked the total crypto market cap to about $2.61T. Bitcoin slipped below $77,000 (trading near $77,400), Ethereum fell over 6% to ~ $1,980, and more than $344M in long positions were liquidated. The Crypto Fear & Greed Index dropped to 38 (fear) while traders rotated into safe havens and monitored further geopolitical developments and upcoming U.S. macro/Fed data.

AI Analysis

Market moved nearly 4% lower with BTC slipping below $77,000 and ETH falling over 6%; >$344M in long liquidations and the Fear & Greed Index at 38 indicate pronounced risk-off flows tied to renewed U.S.–Iran military tensions and related safe-haven rotation; traders are watching further geopolitical and U.S. macro/Fed catalysts.

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