Bitcoin Price Falls to $79,000 as DOGE Leads Crypto Market Losses

Bitcoin slipped to around $79,000 on Friday after failing to hold above the $81,500 level reached earlier this week. The decline followed renewed geopolitical tensions after reports confirmed US military strikes on Iranian targets near the Strait of Hormuz. Despite the pullback, Bitcoin remains more than 3% higher for the week.

Crypto analysts are closely watching Bitcoin futures markets after funding rates stayed negative for 67 consecutive days, marking the longest streak in nearly a decade. Negative funding means short traders are paying long positions, often creating conditions for a potential short squeeze if prices suddenly move higher.

DOGE, XRP and Ether Record Declines

Dogecoin posted the largest loss among major cryptocurrencies, dropping 3.8% to nearly $0.106. Ether declined 2% to $2,278, while XRP fell 1.7% to $1.38.

Analysts identified the $83,300 level as Bitcoin’s key resistance zone. Some traders continue targeting a move toward $93,000 in the medium term, though options data shows investors are still actively hedging against downside risks amid geopolitical uncertainty and overbought market conditions.