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

Key points:

• Bitcoin is circling a key weekly low to the weekly close, with the highest close in several months on the table.
• Analysis indicates that the mid-range of $80,000 and above is coming back into play.
• Taking away liquidity is a basis for caution among some traders.

BTC price is approaching its highest weekly close in over three months

Data from TradingView showed that BTC/USD is trying to stay on the uptrend after the session making up for losses from the beginning of the week.

Finishing the week above $78,670 would mark the pair’s highest weekly close since behind schedule January.

BTC/USD weekly chart. Source: Cointelegraph/TradingView

Friday provided a boost in risk assets as hopes for a modern U.S.-Iran peace deal rose. However, on Sunday, US President Donald Trump expressed skepticism about ratifying Iran’s latest peace proposals.

In the post regarding Social truthTrump wrote that he “cannot imagine this being acceptable.”

Source: Truth Social

Still, some cryptocurrency market commentators remained positive about the near-term prospects.

“Strong consolidation in USDBTC, and Friday gave us a little insight into what is likely to come,” trader and analyst Michaël van de Poppe he wrote on X

Van de Poppe was referring to Friday’s powerful inflows into US Bitcoin Exchange spot funds, which amounted to almost $630 million.

“I don’t think this will slow down in the coming week, which is probably why we’re seeing relatively shallow consolidation,” he continued.

“The $79,000 area is a key zone. It needs to be broken. If it breaks, I assume we will see a bigger upward momentum, and I have $86-88,000 as the first resistance area and $92-94,000 as the key.”

BTC/USDT 1-day chart. Source: Michaël van de Poppe/X

Bitcoin traders warn against liquidity plays

Caution was also evident as investors looked for a surge in liquidity ahead of a subsequent price reversal.

Related: Here’s What Happened in Crypto Today

“I’m starting to see a liquidity growth form below, but I’m taking a lot of liquidity and using it to dump,” Crypto Tony commented on data from CoinGlass that day.

BTC liquidation heat map. Source: CoinGlass

Trading account JDK Analysis described the liquidity setup as “typically bearish.”

“We can clearly see fresh long positions opening up to highs while the price continues to show signs of absorption – unable to rise significantly despite increasingly aggressive market buying,” it concluded. posts on X.

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

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