Just as it surged past $78.0 million, it was met with a cold splash—will Iran’s response be a bull trap this time?

Bitcoin’s price rebounded strongly on Friday after Trump announced the reopening of the Strait of Hormuz, rising to a 10-week high above $78,000, before pulling back to around $77,000.

The main reason behind this market move is that Trump claimed yesterday that both sides have made major progress in negotiations for a permanent peace agreement. The deal was “basically completed,” with more talks scheduled for this weekend, and he also said Iran has agreed to stop its nuclear program indefinitely.

Iranian Parliament Speaker Ghalibaf denied Trump’s upbeat remarks, saying that passage still needs to follow the “designated route” and be authorized by Iran. But if the United States continues its blockade, Iran will close the strait, and it claimed that all seven statements Trump made earlier were false.

The market reacted quickly to the initial de-escalation comments Trump released. BTC jumped through $78,300 in one move, reaching the highest level since early February. However, after that, a pullback occurred, and it is now slightly below $77,000.

Analysts believe that this round of gains is largely due to expectations that tensions in the Middle East will ease. But if Iran’s denial is confirmed to be true, Bitcoin could quickly face resistance and see its upside gains stall.

Also, according to market patterns, unless another major event occurs, Bitcoin’s price typically remains relatively stable over the weekend—meaning the probability of bigger market moves is only likely within the next 48 hours (roughly after Sunday evening).

Finally, do you think that on Friday Bitcoin briefly broke above $78,000—was it a trap to lure in more buyers, or a genuine breakout? And will the remarks from Iran become the fuse that triggers a sharp drop in Bitcoin’s price next week?

#BTC