Crypto market faced muted trading on Friday with major industry heavyweights seeing slight drops amid a lack of positive cues in the sector.
The geopolitical turmoil that has grappled the Middle East for months now saw another development on Friday with President Donald Trump confirming that the ceasefire between Israel and Lebanon has been extended by three weeks. However, the development failed to lift investor sentiments this time around, given that a concrete decision is yet to arrive.
Bitunix analyst Dean Chen explained, “In crypto, momentum has cooled following the prior ceasefire-driven squeeze. BTC’s push toward $80,000, accompanied by roughly $339 million in short liquidations, has not been sustained. The subsequent loss of follow-through confirms that the move (today’s trading) was liquidation-led rather than demand-led, and price has since reverted to range-bound behavior.”
At the time of writing, the total crypto market capitalization stood at $2.6 trillion, inching only 0.4 percent high in the past twenty-four hours. During the same time frame, the total volumes in the crypto sector have stayed at $93.3 billion.
After an unsuccessful attempt to break above the $80,000 resistance level earlier this week, bitcoin has been trading sideways in a tight range between $77,500 and $78,500, marking a quiet phase for the asset class.
While there is some consolidation in the market, the general direction remains bullish. Over the month of April, Bitcoin has been climbing higher on a consistent basis, with a series of rising peaks and troughs indicating positive fundamentals in the market environment.
Dean Chen also highlights, “BTC remains confined within a defined liquidity corridor. The $79,000-$80,000 zone continues to act as a near-term resistance and liquidity concentration area, while the $73,000-$75,000 range provides consistent downside absorption. Current price action is characterized by repeated intrarange sweeps, indicating a return to liquidity-driven mechanics. Capital is reacting tactically to macro inputs rather than committing to directional positioning.”
Ether tracked Bitcoin’s relatively quiet performance on Friday, dipping about 0.9 percent since midnight while continuing to trade within a narrow range, a sign that momentum remains subdued for now.
At the same time, Quant stood out as one of the weaker performers, sliding roughly 3 percent over the past 24 hours to around $71.30, reflecting selective pressure on certain altcoins even as the broader market stayed relatively steady.
On a larger financial front, U.S. stock futures painted a mixed picture, with the tech-focused Nasdaq-100 Index gaining about 0.5 percent after a round of solid earnings from major tech companies, while futures linked to the broader S&P 500 Index edged slightly lower.
At the same time, the U.S. Dollar Index stayed mostly unchanged even after Donald Trump confirmed that the ceasefire between Israel and Lebanon would be extended by another three weeks. The dollar had slipped when the ceasefire was first announced, as easing tensions typically reduce demand for safe-haven assets
On a typical trading day. DXY is inversely related to Bitcoin prices. However, the mix of cautious trading and dampened risk sentiment has failed to lift Bitcoin prices despite the DXY facing a pressured path.
Bitunix in its daily analysis report explains, “Market focus has shifted toward JPY dynamics and policy signaling. As USD/JPY approaches the 160 threshold, Japan’s finance minister has issued clear “ready to intervene” guidance.”
The exchange adds, “At the same time, institutional views suggest the Bank of Japan is more likely to hold rates steady in the near term, with the key variable being whether energy price pressures, driven by Middle East tensions, transmit into core inflation. With uncertainty surrounding the Strait of Hormuz and crude supply unresolved, policy remains in a wait-and-see mode, leaving the broader liquidity environment uncertain.”
In the past 24 hours, about 83,484 traders saw their positions wiped out as market swings triggered liquidations totaling roughly $180.77 million. The single largest hit took place on Hyperliquid, where a Bitcoin (BTC)-USD trade valued at around $3.58 million was forcibly closed after prices moved against the position.