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Ahmed Barakat
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Bitcoin fell to $79,679 on Friday as US military strikes against Iranian ships in the Strait of Hormuz led to widespread risk-off expectations, yet the world’s largest cryptocurrency remains on course for a sixth straight weekly gain.
An intraday decline of 1.7% looks alarming on the surface, but the weekly chart tells a much calmer story. What happens at the close of the weekend could determine whether BTC reclaims $85,000 or restores the entire week’s advance.
Direct catalyst: American forces responded against Iran following attacks on three US warships while transiting Hormuz, igniting a geopolitical flashpoint that markets have largely been unable to price in.
Adding to the pressure, Strategy Inc (NASDAQ: MSTR), the largest holder of bitcoin, has indicated that it could sell portions of its holdings to fund a dividend, although the scope and timing remain undetermined.
Despite the intraday weakness, Bitcoin is still up nearly 3% on the week. The macro backdrop, institutional backlog, improving US regulatory clarity, and remaining post-ATH consolidation remain broadly constructive heading into the weekend session.
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Bitcoin Price Prediction: Can BTC Price Reclaim $85,000 Before Weekly Close?
Bitcoin is trading in one of the most important structural areas of this session, hovering around $80,000 while pressure builds between key support and resistance.
The broader setup remains constructive, but only as long as $79K continues to hold as the primary daily support floor. This level is the one doing the heavy lifting at the moment.
As long as buyers defend it, the post-correction recovery remains in place, with $83K-$85K still serving as a key upside target and intermediate reversal zone after the sharp pullback in October.
On-chain data continues to show accumulation rather than broad distribution, suggesting that larger players are still absorbing supply at current levels rather than exiting positions.
Overall resistance remains significant, and Bitcoin needs a decisive break above the $83K-$85K area before any larger breakout story gains real credibility.
Until then, the market is basically oscillating. If BTC maintains this structure, the path towards a stronger continuation remains open, but a breakdown below $75k would materially weaken the setup and shift focus towards the $69k long-term trendline as the next serious support area.
Volume conditions are also important here, especially with low liquidity at the weekend increasing the potential for exaggerated moves in either direction.
The honest truth is that Bitcoin still looks structurally stronger than weaker, but this is a conditional setup where support should hold.
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