Bitcoin 'Stuck' at $77,000... Crypto 'Sideways' Amid Middle East Peace Delay

▲ Bitcoin (BTC)

Bitcoin (BTC) is stuck around $77,000 as news of de-escalation in Middle East tensions has not emerged. Ethereum (ETH), XRP, and Dogecoin (DOGE) are also caught in a sideways market, having lost their direction.

According to crypto media outlet Benzinga on May 26 (local time), Bitcoin moved around $77,000 as escalating tensions in the Middle East weighed on investor sentiment. Bitcoin ETFs recorded a net outflow of $105.2 million on Friday, and Ethereum ETFs also saw a net outflow of $6.7 million.

The memecoin market also could not avoid weakness. The total market capitalization of memecoins fell by 0.7% to $34.4 billion in the last 24 hours. Dogecoin, Shiba Inu (SHIB), Solana (SOL), and XRP moved in a narrow range without clear upward momentum.

Crypto chart analyst Ali Martinez diagnosed that Bitcoin network activity has cooled sharply. He stated that active Bitcoin addresses have decreased by almost 40% in the past two weeks. Benzinga reported that the slowdown in network activity during a sideways market suggests the departure of speculative traders, and while the activity of "weak hands" decreases, supply is shifting towards long-term conviction holders.

Analyst Ted Pillows warned that Ethereum has fallen back below the key level of $2,100 due to weakening spot demand and increasing whale selling pressure. He analyzed that Ethereum is showing relative weakness compared to Bitcoin, and the risk of new short-term lows increases if the upward trend does not recover quickly.

Regarding XRP, Martinez stated that XRP is still trading within a parallel channel structure. He believes that if the support level holds, the mid-range around $0.73 could emerge as a potential accumulation zone. Market participants are watching this zone to see if buying pressure will re-enter amidst the overall sideways market.

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