On Friday, Bitcoin fell back to $71,843 following a third unsuccessful attempt to surpass the $73,000 mark on Thursday, a threshold that has consistently thwarted price advances since Iran’s conflict escalated in late February.
Despite this setback, Bitcoin is still up by 7.9% for the week, marking its most robust performance during the war period while maintaining levels above an upward-trending 50-day moving average. Ether stabilized at $2,189 with a weekly increase of 6.6%. Solana’s SOL appreciated by 5.1%, reaching $83.09, and XRP saw a rise of 2.8% to $1.34. Dogecoin edged up by 2.4% to $0.092. For the first time in more than a month, all top 10 cryptocurrencies have shown positive weekly growth.
The price ceiling at $73,000 remains formidable, with Bitcoin encountering sell-offs after each rally post-ceasefire announcement on Tuesday — mirroring pre-ceasefire trading patterns but shifted higher by approximately $5,000. The current range is between $70,000 and $73,000 instead of the previous $65,000 to $73,000.
“Bitcoin must break past $75,000 for a definitive bullish market phase,” commented Alex Kuptsikevich, FxPro’s chief market analyst, speaking with CoinDesk. He noted that Bitcoin remains above the 50-day moving average, sustaining short-term optimism, yet highlighted the persistent resistance at $73,000.
Mike Novogratz, CEO of Galaxy Digital, raised expectations further, suggesting bitcoin needs to sustain levels above $74,000 and then surpass $80,000 for renewed upward momentum. “Exceeding these levels could inject fresh optimism and rejuvenate the uptrend,” he added.
The ceasefire that fueled Tuesday’s rally is showing signs of strain, with Iran claiming the U.S. has violated three terms of the agreement. The Strait of Hormuz remains partially open due to “technical limitations” after oil prices recovered from a 15% single-day drop, trading back above $97.
Ether displays a similar range-bound pattern, retreating 4% from its Wednesday peak to settle at $2,189, which Kuptsikevich deemed as minor market fluctuations within the $2,000 to $2,400 consolidation zone. “A breakout could signify an impending directional movement,” he noted.
In contrast, some altcoins diverged: Algorand fell by 11.4%, Aptos dropped by 6.1%, and Polkadot lost 6.1%—a pattern typically observed when market participants rotate holdings rather than injecting new capital.
The Fear and Greed Index has climbed out of the single digits for the first time in over a month, indicating shifting sentiment.
If the ceasefire holds through the weekend and further opens the Strait of Hormuz, Bitcoin could face its fourth test at $73,000 with increasing momentum. However, should tensions escalate or rhetoric from Washington shift, a retreat toward the $68,000 to $70,000 range remains more likely.