Bitcoin deepened its six-week lows, falling toward $72,000 as U.S. stock markets diverged to hit new record highs. Analysts identified a crucial price range between $72,000 and $74,000, with the 100-day moving average becoming a key battleground. Market observers warned of potential volatility and long position liquidations ahead of the weekly close.
Bitcoin (BTC) extended its losing streak, dropping to $72,395 as U.S. stock markets opened on Friday. The S&P 500 and Dow Jones Industrial Average both surged to new all-time highs. Market momentum was driven by anticipation of a lasting ceasefire between the U.S. and Iran, even as military strikes continued.
Trader Michaël van de Poppe argued that geopolitical changes could still influence Bitcoin’s trend. “Anything between $72,000-74,000 is crucial and could be the end of the correction, especially if Trump comes with a new deal –> rates go down –> oil goes down –> risk-on assets (especially crypto) go higher,” he stated. He suggested that $77,000 was the line in the sand to start the next leg upwards.
Trading account CGT Trader warned that Bitcoin long positions could face liquidation. The account noted that funding stays heavily positive while open interest declines, suggesting the market is still leaning aggressively long. “Given these conditions, a long squeeze looks increasingly likely,” the post read.
Data from CoinGlass showed total 24-hour cross-crypto liquidations exceeding $200 million. Trading resource Material Indicators told followers to expect volatility as Sunday’s joint daily, weekly and monthly close approached. The resource noted a cluster of liquidations around $76,000 and a developing pattern that could take price down to a range between $68,000 and $69,000.
The analysis referenced the 100-day simple moving average, currently at $72,972, as a significant level. “The big tells will be whether bulls can rally from the 100 DMA, and how Weekly RSI is trending after the W close,” Material Indicators stated.
