Bitcoin Faces $51.21 Million Forced Liquidation Bloodbath...NEAR Rallies 10% Solo

▲ NEAR Protocol (NEAR)/AI Generated Image

As geopolitical risks once again weighed on the market, Bitcoin and Ethereum were busy defending key support levels, and while Hyperliquid and XRP wavered, only NEAR captured the market's attention with a double-digit surge.

According to cryptocurrency media outlet Coingape on May 26 (local time), the cryptocurrency market declined amid renewed tensions between the US and Iran, weakened risk asset preference, and selling pressure across major assets. The total cryptocurrency market capitalization decreased by 0.74% from 24 hours ago, recording $2.56 trillion. Bitcoin (BTC) remained below $77,000, and Ethereum (ETH) held the $2,000 support level. XRP and Hyperliquid (HYPE) showed weakness, while NEAR surged 10% during Tuesday's trading.

At the heart of the market's weakness were conflicting signals surrounding the US and Iran. US Secretary of State Marco Rubio stated that an agreement with Iran "could be days away," but reports of US attacks on missile bases and vessels in southern Iran prompted investors to move back towards safe-haven assets. Coingape reported that investor sentiment was confused as peace negotiations continued simultaneously with military operations putting pressure on the market. Bitcoin liquidations totaled $51.21 million over 24 hours.

Bitcoin fell 0.62% over 24 hours to $76,718 and is holding above the $75,700 support level. A rebound from this support could test the $78,250 resistance level, but if the support breaks, it could push towards $72,000. Bitcoin spot ETFs also added to the burden. From May 18 to May 22, Bitcoin spot ETFs saw net outflows of $1.257 billion, and Ethereum spot ETFs saw $216 million exit during the same period.

Ethereum fell 0.62% over 24 hours to $2,096.61 but maintained the key $2,000 support level. If buying pressure defends this zone, it could test the $2,150 resistance level, but if it falls below $2,000, there is a higher possibility of a shift towards $1,900. XRP fell 1.25% over 24 hours to $1.34, and XRP liquidity on Binance dropped to its lowest level since January 2020. The key for XRP is to hold the support zone between $1.30 and $1.33; if it breaks this zone, additional downward pressure towards $1.20 could increase.

Hyperliquid also could not escape selling pressure. Hyperliquid fell 5.61% over 24 hours to $59.58, and the market is watching a large token unlock event reportedly worth about $500 million. In contrast, NEAR defied the overall market weakness, rising 13.92% over 24 hours to $2.72. Public endorsement from Arthur Hayes boosted investor sentiment, and increased NEAR Intents activity and new exchange listings were cited as factors driving demand and visibility.

*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.*