Bitcoin briefly approached the $80,000 mark on Wednesday before retreating to around $77,800 as traders took profits. The cryptocurrency showed resilience with a 0.4% gain over 24 hours, though it fell from its peak of $79,388 reached during the overnight session.

The market divergence is notable: while Bitcoin posted weekly gains of 4%, other major cryptocurrencies including Ether, XRP, and Solana declined. This concentration suggests a narrow, derivatives-skeptical bid rather than broad-based enthusiasm across digital assets.

Geopolitical tensions continue to influence crypto markets. The US maintains its naval blockade on Iranian ports while Iran keeps the Strait of Hormuz closed to most international traffic. Iranian gunboats fired on commercial ships in the waterway, adding to market uncertainty.

Analysts warn that a drop below $76,000 could signal a near-term top for Bitcoin unless sentiment improves or diplomatic progress emerges. Funding rates have remained negative for approximately 47 consecutive days, marking one of the longest stretches of bearish derivatives positioning on record.

Source: CoinDesk