The price of Bitcoin fell to $79,679 on Friday as US military strikes on Iranian ships in the Strait of Hormuz sparked widespread expectations of no risk. However, the world’s largest cryptocurrency is still on track for a sixth consecutive weekly gain.
An intraday drop of 1.7% seems alarming at first glance, but the weekly chart tells a much calmer story. What happens at the end of the weekend could determine whether Bitcoin reclaims the $85,000 level or abandons the week’s advance altogether.
The immediate trigger was the response of US forces with strikes against Iran following attacks on three US warships transiting the Strait of Hormuz, reigniting a geopolitical hotspot whose impact markets had largely priced in.
Adding to the pressure, Strategy Inc (NASDAQ: MSTR), the largest institutional holder of Bitcoin, has indicated that it may sell a portion of its holdings to fund dividend payments, although the scope and timing of this remains undetermined.
BREAKING: Michael Saylor Says Strategy Could Sell Bitcoin to Fund Dividends “Just to Send the Message”
He says he wants to ‘rip your wings’ from short sellers betting $MSTR must sell shares to finance dividends. pic.twitter.com/jUCiG6bwM3
– Crypto India (@CryptooIndia) May 6, 2026
Despite the day’s weakness, Bitcoin is still up around 3% for the week. The macroeconomic backdrop, institutional accumulation, improving regulatory clarity in the United States, and continued consolidation after hitting the all-time high (ATH) remain generally constructive factors heading into the weekend session.
Bitcoin Price Forecast: Can BTC Reclaim $85,000 Before Weekly Close?
Bitcoin is trading in one of the most important structural zones this session, hovering around the $80,000 level as pressure builds between key support and resistance levels.
The overall setup remains constructive, but only as long as $79,000 is a key daily support floor. This level is the one that is paying the price at the moment.
As long as buyers defend this level, the post-correction recovery remains in place, with the $83,000-$85,000 area remaining a key upside target and a moderate retracement zone following October’s sharp pullback.
On-chain data continues to show clustering rather than broad distribution, suggesting that large players are still absorbing supply at current levels rather than exiting their positions.
Overhead resistance remains significant and Bitcoin needs a decisive breakout above the $83,000-$85,000 area before any narrative of a larger breakout gains real credibility.
In the meantime, the market is experiencing a state of anticipation and pressure. If Bitcoin maintains this structure, the path will remain open for a stronger continuation, but a decline below $75,000 would significantly weaken the technical setup and shift attention to the long-term trendline at $69,000 as the next serious support zone.
Trading volume conditions also gain importance here, especially with low liquidity over the weekend, increasing the potential for exaggerated moves in either direction.
The honest truth is that Bitcoin still looks structurally stronger than weak, but this setup is conditional on support levels remaining.
