Bitcoin (BTC) fell to $80,000 on Friday as renewed US-Iran hostilities sparked a 3% daily loss, pausing its recent rally.
Traders are now closely watching key support levels. Crypto analyst Michaël van de Poppe said Bitcoin is 'doing just fine' but stressed $76,000 must hold. Meanwhile, trader Jelle noted that the $79,000 lows need to hold to trigger a potential reversal.
The S&P 500 also retreated from all-time highs amid the geopolitical jitters.
On the volatility front, Bitcoin's daily Bollinger Bands failed to sustain a breakout beyond the upper band. A monthly chart analysis revealed the narrowest-ever conditions for the Bands, a classic precursor to heightened price volatility.
