Bitcoin retreated to $71,843 on the last trading day of the week. Cryptocurrency, which tested $ 73 thousand for the third time during the week, encountered selling pressure after attempts to rise. This level has been a resistance to all increases since the end of February, when developments regarding Iran were reflected in pricing.
Strong performance throughout the week
Bitcoin rose 7.9 percent on a weekly basis, marking its best weekly performance since the start of the war. The price remained above the 50-day moving average and the trend in this average turned upward for the first time. While Ethereum also recorded a weekly increase of 6.6 percent, the price of Solana increased by 5.1 percent, reaching $83.09. While XRP gained 2.8 percent to $1.34, Dogecoin increased by 2.4 percent. All of the top 10 cryptocurrencies with high market value completed the week in plus after more than a month.
However, the 73 thousand dollar band could not be crossed upwards in the last three attempts. After the ceasefire announcement, all three attacks to this level were quickly repelled. Bitcoin, which fluctuated between 65 thousand and 73 thousand dollars in previous periods, is now moving between 70 thousand and 73 thousand dollars.
FxPro chief market analyst Alex Kuptsikevich evaluated: “If the price rises above 75 thousand dollars, it can be said that the market has entered an active upward phase.” Kuptsikevich pointed out that bitcoin is still above the 50-day moving average and stated that the positive atmosphere continues in the short term, but $ 73 thousand constitutes a strong obstacle.
Market dynamics and global developments
Galaxy Digital CEO Mike Novogratz pointed out that in order for bitcoin to continue its upward trend, it must first hold above 74 thousand dollars and then exceed 80 thousand dollars. Novogratz stated that the positive atmosphere in the market could be revived by breaking these levels.
Mike Novogratz expressed his opinion: “Creating these levels could start a new wave of optimism and revive the uptrend.”
There was an upward reaction in prices due to the ceasefire at the beginning of the week. However, allegations by Iran that the US violated three articles of the agreement put the ceasefire under pressure. While this development creates uncertainty in the markets again, the Strait of Hormuz has not yet been fully opened due to technical restrictions. The oil price returned above the $97 level after the sharp decline.
Ethereum similarly followed a horizontal course within a certain range. The cryptocurrency fell 4 percent from its peak on Wednesday to $2,189. Alex Kuptsikevich stated that this movement can be evaluated within the scope of fluctuations in the range of $ 2,000-2,400.
Kuptsikevich determined that “A movement beyond this calm consolidation range would be a sign of directional new pricing.”
While the majors in the market were above, the Algorand price decreased by 11.4 percent. Aptos and Polkadot decreased by 6.1 percent, respectively. These divergences indicate that the market is shifting between existing assets rather than new capital inflows.
The Fear and Greed Index, which measures sentiment, also rose from single digit levels for the first time in more than a month. If the ceasefire is maintained throughout the weekend and the Strait of Hormuz is fully opened, it may be possible for bitcoin to test the $73,000 band for the fourth time. However, if disagreements increase or new developments occur in politics, the possibility of the price falling to the range of 68 thousand to 70 thousand dollars becomes stronger.
