Bitcoin retests $80K as mid-to-high $70K support eyed

Bitcoin revisited $80,000 on Friday after a roughly 3% intraday decline tied to renewed US‑Iran tensions. Market data showed selling pressure eased ahead of the New York session after a pullback earlier in the week.

The sell-off began Thursday on reports that the U.S. might restart operations against Iran and amid reciprocal military strikes that strained a fragile ceasefire. The S&P 500 slipped from recent highs and crypto prices pulled back from earlier gains.

Trader Michaël van de Poppe wrote on X that the retracement was a normal consolidation after multiple days of upward momentum. “Assets trend in waves,” he wrote, adding that so long as the trend remains intact he expects more upside in coming weeks and that $76,000 must hold as support.

Another trader posting as Jelle on X pointed to intraday lows near $79,000 as an important short‑term floor. He wrote that a mid‑$70,000 zone could prevent a larger slide and trigger a reversal, while noting a lower target near $74,500 if that area fails.

On daily charts, Bitcoin failed to sustain a break above the upper Bollinger Band. On monthly charts, traders observed the narrowest band readings on record, a condition market participants associate with a potential period of higher volatility.

John Bollinger, the indicator’s creator, has taken a position through his investment funds, according to market participants, a move that drew attention from technical strategists.

Traders noted markets will be sensitive to further geopolitical developments and the direction of equities. Some participants forecast renewed gains if mid‑to‑high $70,000 support holds; others point to lower technical targets if that zone breaks.

Market participants said they will monitor Bitcoin’s price action in the coming sessions while weighing momentum, macro risk and technical levels.