Can Bitcoin achieve its best weekly close in over three months?

Bitcoin (BTC) was targeting $79,000 at Sunday’s weekly close as crypto markets continued to be driven by the US-Iran war.

Key points:

• Bitcoin circles a key weekly level in the weekly close, with the highest close in several months on the table.
• The analysis sees the mid-$80,000+ zone coming back into play.
• Cash grabs are prompting some traders to be cautious.

BTC price nears highest weekly close in over three months

TradingView data showed BTC/USD attempting to hold higher after write off losses from the start of the week.

Ending the week above $78,670 would result in the pair’s highest weekly close since late January.

BTC/USD one-week chart. Source: Cointelegraph/Trading View

Risk assets boosted hopes for a new peace deal between the United States and Iran on Friday. On Sunday, however, US President Donald Trump appeared skeptical about ratifying Iran’s latest peace proposals.

In an article on Social truthTrump wrote that he “can’t imagine this being acceptable.”

Source: Social Truth

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

“Strong consolidation on $BTC, and Friday gave us a slight preview of what is likely to come,” trader and analyst Michaël van de Poppe wrote on X.

Van de Poppe referred to Friday’s strong inflows into spot Bitcoin exchange-traded funds (ETFs) in the United States, which totaled nearly $630 million.

“I don’t think it’s going to slow down over the coming week and that’s probably why we’re seeing relatively shallow consolidation,” he continued.

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

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

Bitcoin Traders Warn Against Liquidity Games

Caution was also visible, with traders watching liquidity on the rise ahead of a subsequent price reversal.

Related: Here’s What Happened in Crypto Today

“We start to see a liquidity buildup forming below, but we take the high liquidity and use it to dump,” Crypto Tony commented on the data of CoinGlass the day.

BTC liquidation heatmap. Source: CoinGlass

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

“We can clearly see new longs opening towards the highs, while prices continue to show signs of absorption – unable to push significantly higher despite increasingly aggressive buying in the market for now,” he summarizes in messages on.

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

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