Bitcoin price slid to $79,679 Friday as US military strikes against Iranian vessels in the Strait of Hormuz triggered a broad risk-off prediction, yet the world’s largest crypto remains on track for a sixth consecutive weekly gain.
The 1.7% intraday drop looks alarming on the surface, but the weekly chart tells a quieter story. What happens at the weekend close could define whether BTC reclaims $85,000 or gives back the entire week’s advance.
The immediate catalyst: US forces struck back against Iran following attacks on three American warships transiting Hormuz, reigniting a geopolitical flashpoint that markets had largely priced out.
Compounding the pressure, Strategy Inc (NASDAQ: MSTR), the largest corporate Bitcoin holder, signaled it could sell portions of its holdings to fund dividend payments, though the scope and timing remain unspecified.
BREAKING: Michael Saylor says Strategy may sell Bitcoin to fund dividends “just to send the message”
Says he wants to “rip your wings off” short sellers betting $MSTR must sell equity to fund dividends. pic.twitter.com/jUCiG6bwM3— Crypto India (@CryptooIndia) May 6, 2026
Despite the intraday weakness, BTC is still up approximately 3% on the week. The macro backdrop, institutional accumulation, improving US regulatory clarity, and residual post-ATH consolidation, remain broadly constructive heading into the weekend session.
Discover: The best crypto to diversify your portfolio with
Bitcoin Price Prediction: Can BTC Price Reclaim $85,000 Before the Weekly Close?
Bitcoin is trading in one of the most important structural zones of this cycle, hovering around $80K while pressure builds between key support and resistance.
The broader setup remains constructive, but only as long as $79K continues holding as the primary daily support floor. That level is doing the heavy lifting right now.
As long as buyers defend it, the post-correction recovery remains intact, with $83K–$85K still functioning as the major upside target and mean reversion zone after October’s sharp pullback.
On-chain data continues to show accumulation rather than broad distribution, which suggests larger players are still absorbing supply at current levels instead of exiting positions.
Resistance overhead remains significant, and Bitcoin needs a decisive break above that $83K–$85K region before any larger breakout narrative gains real credibility.
Until then, the market is essentially coiling. If BTC maintains this structure, the path toward stronger continuation remains open, but a breakdown below $75K would materially weaken the setup and shift focus toward the $69K long-term trendline as the next serious support zone.
Volume conditions also matter here, especially with thinner weekend liquidity increasing the probability of exaggerated moves in either direction.
The honest reality is that Bitcoin still looks structurally stronger than weaker, but this is a conditional setup where support must hold.
Discover: The best pre-launch token sales
The post Bitcoin Price Prediction: Bitcoin Falls to $79.6k as US-Iran Escalation Dents Risk Set for 6th Weekly Gain appeared first on Cryptonews.
