Trading was light on Friday, with global risk assets retreating in unison, including a broad decline in the crypto market. Bitcoin fell below $63,000, erasing gains from earlier in the week driven by the US-Iran peace agreement, and most major cryptocurrencies followed suit.
Major cryptocurrencies generally fell
According to CoinDesk data, Bitcoin once traded at around $62,700, down 1.9% in the last 24 hours and 1.3% for the week. Ethereum fell 2.3% to $1,695, XRP fell 3.2% to $1.13, Solana fell 3.2% to $69, and BNB fell 2.7%.
Hyperliquid's HYPE fell 3.7% on the day, but still rose 13.2% for the week, making it one of the best-performing major tokens this week. Tron was essentially flat.
The $60,000 mark has become the focus.
The market is focused on whether Bitcoin can hold above the lower end of its nearly two-week trading range. The report mentions that if the price continues to decline and breaks below the $59,000 to $60,000 area established earlier this month, it could signal a deeper phase of this pullback.
Some traders see $45,000 as the next potential downside target. However, the article does not provide any new on-chain triggers; the current pressure stems more from the overall pullback in risk assets.
Funds continue to favor Bitcoin
In the macro market, holiday factors led to sluggish trading in many markets. Markets in the US, Hong Kong, and Taiwan were closed, and Asian stock markets retreated after consecutive gains. Brent crude oil was quoted at around $79 per barrel, down about 9% for the week. Reports linked this change to the resumption of normal shipping in the Strait of Hormuz following the signing of the US-Iran agreement.
The market will now focus on the progress of negotiations on the Iranian nuclear issue. US Vice President JD Vance stated that the 60-day window for finalizing the details of an agreement has begun.
The expectation of altcoins catching up has cooled.
Besides short-term price fluctuations, the market is also reassessing the flow of funds in this cycle. Michael Egorov, founder of Curve Finance, told CoinDesk that this round of Bitcoin price movement is different from previous cycles, partly because the spot Bitcoin ETF was approved before the 2024 halving, attracting institutional funds in advance.
He believes that speculative funds that typically flowed into altcoins in the later stages of bull markets have not spread as widely as before. Some funds have shifted to meme coins, while longer-term funds still tend to favor Bitcoin. Based on this assessment, tokens lacking real revenue support and relying mainly on sentiment-driven pricing may find it more difficult to attract sustained funding in the short term.
