Bitcoin hovered around $74,600 in Friday’s Asian session, slipping 0.4% over 24 hours but maintaining a 3.5% weekly gain following a strong 10-day rally in global equities. Investor sentiment improved ahead of the upcoming U.S.–Iran ceasefire deadline, which has helped ease geopolitical risk concerns.
Global benchmarks such as the MSCI All Country World Index and the S&P 500 recently reached record highs before modest declines. Meanwhile, Brent crude fell 1.2% to $98.20 after Donald Trump said prospects for a permanent Iran ceasefire were “looking very good,” claiming Tehran would abandon nuclear ambitions and reopen the Strait of Hormuz, though Iran has not confirmed this. Separately, Benjamin Netanyahu confirmed a 10-day ceasefire between Israel and Lebanon, contributing to reduced war-related market premiums.
Among major cryptocurrencies, Ether declined 1.4% to $2,327 but held a 6% weekly gain, while XRP traded near $1.43 with a 6.4% rise.
Analysts Highlight Short Positioning and On-Chain Risk Signals
However, on-chain analyst CryptoVizArt pointed to bitcoin’s True Market Mean, which suggests many active holders remain underwater. Historically, similar conditions aligned with major downturns, including 2018–2019 and 2022–2023 declines. Analysts note that any squeeze-driven rally may still face selling pressure, with market direction depending largely on whether the U.S.–Iran ceasefire is extended.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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