It's interesting how the recent days' geopolitical news and Bitcoin price movements have been closely linked. When Iran announced the reopening of the Strait of Hormuz, Bitcoin surged to $78,000, but immediately after, reports came in that the strait was again being blocked, and it quickly retreated to around $76,000. Currently, Bitcoin is trading at approximately $80,980.

On Friday's rally, there was a massive liquidation of short positions. According to CoinGlass data, about $760 million worth of cryptocurrencies were liquidated in just one trading session. Of that, $62M was related to Bitcoin, and $167 million was Ethereum. Since short positions were overwhelmingly dominant, it likely created an environment prone to a short squeeze.

Looking at the whole week, Ethereum held relatively steady with a 0.39% increase over 24 hours, Solana was up 1.03%, and Dogecoin rose 1.32%, with all altcoins trending upward. XRP gained 2.26% for the week, and BNB increased by 3.59%. Overall, it feels like the market avoided a complete crypto crash.

What’s concerning now is whether the $76,000 support level will hold until Monday’s open. If it does, a structural breakout could be established, but if it breaks below, there’s a risk of returning to the range seen since March. The geopolitical risks and market psychology are still in a tug-of-war.