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Bitcoin fell 1.11% to $80,372.17 over 24 hours as geopolitical tensions in the Middle East weakened demand for risk assets. The broader crypto market cap fell 1.4%, while several major altcoins posted deeper losses.
However, the broader altcoin market remained up about 12% for the week, leaving traders focused on a possible technical breakout.
Bitcoin approached $82,000 on Saturday after recovering from a three-week low of $75,000 earlier in the week. However, buyers failed to push the price above that resistance level. The cryptocurrency then dropped by almost $2,000 as traders reduced their exposure to riskier assets.
The reversal followed reports of escalating hostilities involving Saudi Arabia, Iran and Iran-backed Houthi forces. Drone and missile attacks reportedly led Iran to issue a “Code 100” security alert. The heightened uncertainty placed pressure on crypto prices during weekend trading, when market liquidity can be lower.
Bitcoin’s decline broadly matched the wider market move. The total cryptocurrency market value lost about $40 billion over the day, falling to approximately $2.74 trillion. Bitcoin’s market capitalization declined to around $1.61 trillion, while its market dominance moved closer to 59%.
Technical conditions also contributed to the pullback. Bitcoin faced rejection near the recent swing high of $82,262, while its seven-day relative strength index reached 69.8. In addition, 24-hour trading volume fell 39.23%, showing that fresh demand weakened after the recent rally.
Several large-cap altcoins followed Bitcoin lower. Ethereum dropped 2.6% after failing to hold its advance near $2,630. BNB struggled around $750, XRP slipped below $1.40 and Solana traded under $110. Hyperliquid’s HYPE token also retreated after reaching a record high.
Privacy-focused cryptocurrencies recorded some of the steepest declines after a short-lived rally earlier in the week. Zcash fell about 8.2% to $1,443, while Monero declined 8.6% to around $523. Uniswap, NEAR Protocol, Chainlink, Aave and Rain also traded lower during the session.
Avalanche moved against the broader trend, rising more than 11% to trade above $9.60. Ethena, Pepe and M also posted gains. The mixed performance showed that buying continued in selected tokens despite the wider risk-off move.
Meanwhile, TradingView’s OTHERS index, which measures the market value of the top 125 cryptocurrencies excluding the 10 largest, remained up 11.52% over seven days. The index also gained 38.22% over one month and 29.05% over six months. However, it was still down 32.63% over the past year.
Crypto analyst Ash Crypto said the altcoin market was attempting to break above a downtrend that had lasted almost two years. He described the move as the first credible breakout attempt in that period but warned that confirmation was still missing.
“It’s too early to call an altseason,” the analyst said, pointing to the need for a weekly close above the long-running trendline. His assessment leaves doubt over whether the latest rally marks a lasting market shift or another failed breakout.
If the altcoin market closes above the trendline, the move could gain technical confirmation. However, a rejection may place the $160 billion to $190 billion market-cap zone back in focus.
For Bitcoin, $77,636 remains the main near-term support. Holding that level could allow another test of $82,000. A break below it may expose the next support near $76,545. Middle East developments and Bitcoin’s reaction around these price levels remain the main factors to watch.
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