BTC Eyes Best Weekly Close Since Late January With Price Approaching $79,000
Bulls push for Bitcoin's strongest weekly close in more than three months while market analysts caution about potential BTC liquidity manipulation.
As the weekly close approached on Sunday, Bitcoin (BTC) set its sights on the $79,000 mark while cryptocurrency markets remained influenced by developments in the ongoing US-Iran conflict.
Key points:
- Bitcoin hovers around a critical weekly level heading into the close, potentially delivering the strongest close in multiple months.
- Market analysis suggests the mid-$80,000 range and above could soon return to the spotlight.
- Several traders exercise caution, citing concerns about liquidity grab tactics.
BTC price approaches strongest weekly close in more than three months
According to data from TradingView, BTC/USD was working to maintain elevated levels after recovering from losses sustained earlier during the week.
A weekly close above the $78,670 threshold would mark the pair's strongest weekly closing price since the end of January.
Risk assets received a significant lift on Friday as optimism surrounding a potential new peace deal between the US and Iran gained momentum. By Sunday, though, US President Donald Trump expressed doubt regarding the viability of Iran's most recent peace proposals.
Taking to Truth Social, Trump stated that he "can't imagine that it would be acceptable."
Nonetheless, certain crypto market observers maintained a positive stance regarding near-term price action.
"Strong consolidation on $BTC, and Friday gave us a slight insight in what's likely to come," posted trader and analyst Michaël van de Poppe on X.
Van de Poppe pointed to Friday's robust inflows into US spot Bitcoin exchange-traded funds (ETFs), which came in at close to $630 million.
"I don't think this will slow down in the coming week and that's probably why we're seeing a relatively shallow consolidation taking place," he added.
"The $79K area is a crucial zone. That needs to break. If this breaks, I'm assuming we'll see more upwards momentum and I've got $86-88K as first resistance area and $92-94K as the crucial one."
Bitcoin market participants issue warnings about liquidity manipulation
A more cautious perspective was also present, with market participants monitoring for potential upside liquidity grabs that could precede a price reversal.
"Starting to see a build of liquidity form below, but a take of the high liquidity and using that to dump," remarked Crypto Tony while analyzing data from CoinGlass on the day.
The trading account JDK Analysis characterized the liquidity configuration as "typically bearish."
"We can clearly see fresh longs opening into the highs, while price continues to show signs of absorption - unable to push meaningfully higher despite increasingly aggressive market buying for now," the account explained in a series of posts on X.
