Bitcoin preps highest weekly close since January as BTC price nears $79K

Bitcoin (BTC) eyed $79,000 into Sunday’s weekly close as crypto markets continued to be guided by the US-Iran war.

Key points:

• Bitcoin circles a key weekly level into the weekly close, with the highest close in several months on the table.
• Analysis sees the mid-$80,000 zone and higher coming back into play.
• Liquidity grabs form the basis for caution among some traders.

BTC price nears highest weekly close in over three months

Data from TradingView showed BTC/USD attempting to hold higher after cancelling out losses from earlier in the week.

Finishing the week above $78,670 would deliver the pair’s highest weekly close since late January.

BTC/USD one-week chart. Source: Cointelegraph/TradingView

Friday delivered a boost to risk assets as hopes of a fresh peace agreement between the US and Iran accelerated. On Sunday, however, US President Donald Trump appeared skeptical of ratifying Iran’s latest peace proposals.

In a post on Truth Social, Trump wrote that he “can’t imagine that it would be acceptable.”

Source: Truth Social

Despite this, some crypto market commentators remained optimistic about the short-term outlook.

“Strong consolidation on $BTC , and Friday gave us a slight insight in what’s likely to come,” trader and analyst Michaël van de Poppe wrote on X.

Van de Poppe referenced Friday’s strong inflows to the US spot Bitcoin exchange-traded funds (ETFs), which totaled nearly $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 continued. 

“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.”

BTC/USDT one-day chart. Source: Michaël van de Poppe/X

Bitcoin traders warn of liquidity games

Caution was also visible, with traders watching for liquidity grabs to the upside before a subsequent price reversal.

Related: Here’s what happened in crypto today

“Starting to see a build of liquidity form below, but a take of the high liquidity and using that to dump,” Crypto Tony commented on data from CoinGlass on the day.

BTC liquidation heatmap. Source: CoinGlass

Trading account JDK Analysis described the liquidity setup 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,” it summarized in posts on X.

BTC/USDT 15-minute chart. Source: JDK Analysis/X

This article is produced in accordance with Cointelegraph’s Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.