Quick overview

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Bitcoin (BTC) traded slightly higher on Thursday, up 0.3% at around $76,500, but remains on track to close the week with a 4% decline, according to Binance data.

The move comes amid renewed pressure from leveraged liquidations, geopolitical uncertainty, and rising U.S. Treasury yields, all of which have weakened risk appetite across crypto markets.

The broader crypto market showed mixed performance. Ether (ETH) rose 0.7% to $2,129, while XRP slipped 0.2% to $1.366. Solana (SOL) gained 2.1%, and both Cardano (ADA) and Polygon (POL) advanced around 1%. Dogecoin (DOGE) traded flat.

From a technical perspective, the $76,800 level is seen as critical support. A breakdown below this zone could accelerate losses toward $74,000 or even $71,000 in a more risk-off scenario. On the upside, Bitcoin faces key resistance between $78,900 and $81,700. A sustained breakout above that range could open the door toward $84,000.

Middle East Tensions Continue to Weigh on Sentiment

Geopolitical uncertainty remains a key driver of market pressure. While officials from both sides of the negotiations have pointed to “some positive signals” in talks aimed at de-escalating tensions, core disagreements remain unresolved.

Iran’s supreme leader reiterated that Tehran will not give up its enriched uranium stockpiles, while U.S. Secretary of State Marco Rubio rejected proposals involving tolls on ships passing through the Strait of Hormuz.

The renewed uncertainty contributed to a rebound in oil prices, reviving inflation concerns and dampening appetite for speculative assets. As a result, markets have scaled back expectations for Federal Reserve rate cuts this year, as higher energy prices threaten to keep inflation above the 2% target.

$200 Million in Liquidations Add Technical Pressure

Downside pressure intensified on the technical side as well. According to CoinGlass, roughly $200 million in leveraged crypto positions were liquidated over the past 24 hours, highlighting the elevated leverage built up during the recent rebound and the market’s vulnerability to sharp moves.

The crypto market is also being weighed down by continued outflows from spot Bitcoin ETFs — which recorded more than $1.1 billion in withdrawals between Monday and Thursday — alongside a more challenging macroeconomic backdrop.