Bitcoin opened Friday at $78,278 and held above $78,000 through the morning session as investors grew cautiously optimistic about diplomatic progress in the U.S.-Iran standoff. The world's largest cryptocurrency by market cap is on track for a weekly gain of 5.81%, its strongest seven-day performance since January 2026.
Ethereum, meanwhile, opened at $2,331 and is up 2.73% for the week, with total crypto market capitalization holding near $2.55 trillion. Bitcoin dominance remained elevated at approximately 59%, reflecting a risk-off tone within the digital asset space as investors concentrated positions in the most liquid cryptocurrencies.
Iran FM Travel Sparks Hope
Oil prices fell Friday morning on reports that Iran's foreign minister is traveling to Pakistan for peace talks, reigniting hopes of a negotiated end to the Strait of Hormuz crisis. Brent crude slipped toward $103 per barrel, easing the inflation fears that had pressured risk assets for weeks.
Crypto analysts noted that Bitcoin's resilience during the Hormuz shock has rekindled debate about whether the asset is beginning to behave more like digital gold than a pure risk proxy. The metal itself climbed toward $3,350 per ounce this week, broadly tracking Bitcoin's recovery.
Trump Bitcoin Reserve Proposal Provides Tailwind
Sentiment received additional support from reports that President Trump is actively proposing to expand the U.S. government's existing Bitcoin reserve. The FHFA's directive to Fannie Mae and Freddie Mac to prepare to accept crypto as a qualifying mortgage asset also generated bullish headlines.
Options markets show a modest bullish skew at current levels, with the one-week 25-delta risk reversal flipping positive for the first time in a month. Technical analysts point to $80,000 as the next key resistance, above which a push toward the all-time high near $109,000 becomes the base case.