On the final trading day of the week, Bitcoin retraced to $71,843 after a period of upward movement. Over the week, the world’s leading cryptocurrency tested the $73,000 mark for a third time but was met with selling pressure after each attempt. Since late February, when geopolitical developments involving Iran began influencing prices, this level has consistently acted as a significant resistance during upward surges.
Strong performance throughout the week
Despite hitting resistance, Bitcoin logged a weekly gain of 7.9%, marking its strongest performance since the start of the ongoing conflict. The price remained above its 50-day moving average, which reversed upward for the first time in recent weeks. Ethereum also performed well, advancing 6.6% over the week, while Solana climbed 5.1% to reach $83.09. XRP appreciated by 2.8% to $1.34, and Dogecoin rose 2.4%. For the first time in over a month, all of the top 10 cryptocurrencies by market capitalization finished the week higher.
Nonetheless, the $73,000 level continues to present a stubborn barrier. Each upward attempt following the ceasefire announcement was short-lived. Previously, Bitcoin fluctuated between $65,000 and $73,000, but recent movements have concentrated in the $70,000–$73,000 range.
Alex Kuptsikevich, chief market analyst at FxPro, argued that a move above $75,000 could signal the start of an active bullish phase in the market. He pointed out that Bitcoin still trades above its 50-day moving average, reflecting a short-term positive sentiment, but emphasized that $73,000 remains a formidable hurdle.
Market dynamics and global developments
Mike Novogratz, CEO of Galaxy Digital, suggested that Bitcoin must first establish itself above $74,000—and then surpass $80,000—to confirm a continuation of its rally. He noted that breaking through these thresholds would likely renew optimism and invigorate the broader market uptrend.
Novogratz believes, “Clearing these levels could spark a fresh wave of optimism and drive the ongoing rally forward.”
The ceasefire announcement early in the week had triggered an upward reaction in prices. However, claims from Iran that the United States violated three provisions of the agreement cast a shadow over the truce, reigniting uncertainty in the markets. Furthermore, the Strait of Hormuz remains only partially open due to technical limitations. After a sharp drop, oil prices bounced back to above $97 per barrel.
Ethereum mirrored Bitcoin’s trajectory with a period of sideways trading within a defined range. The world’s second-largest cryptocurrency retreated 4% from its Wednesday high, settling at $2,189. Alex Kuptsikevich suggested this movement fits within Ethereum’s broader trend of oscillating between $2,000 and $2,400.
According to Kuptsikevich, “A move outside this calm consolidation range would indicate a new directional trend in pricing.”
While major cryptocurrencies held firm or advanced, Algorand saw its price fall by 11.4%, while Aptos and Polkadot each dropped by 6.1%. This divergence hints that the market is currently driven more by capital rotation among existing assets than by new inflows of investment.
The Fear and Greed Index, which gauges overall market sentiment, climbed out of single digits for the first time in over a month. Should the ceasefire hold over the weekend and the Strait of Hormuz reopen fully, Bitcoin may again challenge the $73,000 level for a fourth time. However, if disputes escalate or new political developments arise, downward pressure could see Bitcoin pull back toward the $68,000–$70,000 range.
