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Bitcoin (BTC), Ethereum (ETH), XRP, and Dogecoin (DOGE) have been moving sideways without a clear direction amidst ongoing negotiations related to Iran. The cryptocurrency market halted its upward trend over the weekend, and investor sentiment contracted as long positions were heavily liquidated in the derivatives market.
Benzinga reported on May 24 (local time) that major cryptocurrencies showed a stagnant trend after US President Donald Trump urged officials not to rush into a deal with Iran. Bitcoin fell to $76,000 during the day before recovering to the $77,000 range, but trading volume decreased by 26% compared to the previous day.
Ethereum barely avoided closing below $2,000 and recovered to around $2,100. XRP and Dogecoin moved sideways without significant gains or losses. According to CoinGlass data, over $200 million was liquidated in the last 24 hours, with most of the liquidations concentrated in long positions.
Bitcoin's open interest decreased by 2% in 24 hours, and derivatives market sentiment shifted to neutral. Fear sentiment persisted in the Crypto Fear & Greed Index. The total cryptocurrency market capitalization increased by 0.15% in 24 hours, totaling $2.57 trillion.
CryptoReviewing, a crypto analysis account cited by Benzinga, presented Bitcoin's key price ranges as $77,500 to $78,100 and $74,000 to $76,200. The analyst noted that Bitcoin's largest liquidation clusters are currently at $77,700 and $76,600, and both price levels are likely to be swept.
Crypto commentator Lane highlighted that Ethereum is trading below its 2-year simple moving average. Lane stated, "This range is a level associated with major cycle recovery," and "While a drop to $1,000 to $1,300 is still possible, the target range for 2027-2029 is $7,700 to $14,000."
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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