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▲ Bitcoin (BTC)
Bitcoin (BTC) appears to be under more consolidation pressure than a rebound, simultaneously trapped by the delay in the US-Iran agreement, slowing on-chain activity, and resistance from key moving averages.
On May 26 (local time), according to cryptocurrency specialized media FXStreet, Bitcoin is continuing a cautious trend near the 50-day and 100-day exponential moving averages. FXStreet reported that news of the agreement between Tehran and Washington still being far from a final conclusion is limiting risk asset preference and putting pressure on Bitcoin's upside potential.
The Iranian Revolutionary Guard Corps (IRGC) stated on the same day that it identified hostile aircraft entering its airspace and intercepted an MQ-9 drone. This news came after the US military announced the previous day that it had carried out defensive attacks in southern Iran. The targets included missile launch sites and Iranian vessels attempting to lay mines. US President Donald Trump has repeatedly warned that further military action could be taken if Iran does not accept a broader peace agreement.
On-chain indicators were also presented as a burden. Blockchain analytics firm Glassnode stated that Bitcoin's on-chain activity is showing early signs of correction and consolidation. Daily active addresses and entity-adjusted transaction volume slightly decreased, and network activity and investor participation also weakened. Glassnode analyzed that while liquidity conditions are relatively stable, the market is closer to a conviction-based holding trend than speculative trading.
Profitability indicators show increasing investor stress. A Glassnode analyst said, "The market is showing signs of correction and consolidation characterized by decreased activity, cautious sentiment, and mixed risk preferences," adding, "This complex trend indicates that market dynamics and investor behavior need to be continuously monitored closely."
Technically, Bitcoin is holding near the 50-day exponential moving average of $76,792 and the 100-day exponential moving average of $76,881, but has failed to recover the 200-day exponential moving average of $81,551. The Relative Strength Index is around 46, and the Moving Average Convergence Divergence (MACD) remains in negative territory, indicating persistent downward pressure. In the upward range, the Fibonacci 50% retracement level at $78,962, the 200-day exponential moving average at $81,551, and the Fibonacci 61.8% retracement level at $83,437 were presented as key resistances. In the downward range, the 50-day exponential moving average at $76,792, the Fibonacci 38.2% retracement level at $74,487, the previous trendline break area at $71,430, and the Fibonacci 23.6% retracement level at $68,950 were mentioned as the next support levels.
*Disclaimer: This article is for investment reference purposes, and we are not responsible for any investment losses based on it. This content should be interpreted for informational purposes only.*
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