Today (May 8), Bitcoin fell below $80,000 as new US military attacks in the Strait of Hormuz depleted risk appetite across the market, sending Bitcoin down -2.8% to $79,250 in 24 hours. The drop ended a multi-day rally that had pushed the asset to $82,700 earlier this week. Whether the six-week winning streak continues into the weekend depends on one question: Will Iran comply or negotiate?
The immediate trigger was a reported new U.S. attack in the Strait of Hormuz, which spooked broader stock markets and prompted traders to reduce their exposure to speculative assets. Bitcoin briefly reached $82,000 on the back of $2.44 billion in ETF inflows in April, the highest monthly amount since October 2025.
That momentum has now stalled. Early episodes of this conflict have shown Bitcoin reacting sharply to deterioration in the ceasefire, and Friday’s price action fits that pattern uncomfortably well.
The broader crypto market is down -1.2%, with crypto market cap reaching $2.73 trillion, with risk-off sentiment spreading across altcoins. The macro situation remains dualistic. While a credible peace signal could reignite rallies, further escalation threatens a more serious technological collapse.
(Source: TradingView)
Will BTC USD price hold $78,900 this week and regain $83,000?
At $79,381.69, Bitcoin is approaching the technical floors that analysts warned about long before Friday’s decline. The immediate line is at the 50% Fibonacci retracement level at $78,920. If breached, the 100-day EMA would reach close to $75,886, a level not tested since the early stages of the Iran conflict. BTC’s reaction to the ceasefire news early in the cycle showed how quickly the $72,000 range took effect once macro support evaporated.
On the upside, MEXC analysts identify a critical resistance at the 200-day moving average of $83,000, with a close above that level moving towards $89,000 to $94,000, and potentially $100,000 if ETF demand remains consistent through mid-May. The RSI is still technically bullish at 65.60, but has calmed down after the short squeeze spike dissipated.
Three scenarios are worth noting:
Bullish case: Iran showed real ceasefire progress over the weekend, BTC regained $81,000 on Monday, and ETF flows resumed, with readings that make $85,000 by mid-May seem plausible.
Base case: The stalemate continues and BTC consolidates between $78,900 and $81,000 as the market waits for the next trigger.
Bearish case: The escalation deepens, $78,920 fails, and a retest of the $75,886 EMA becomes a more likely outcome. The six-week winning streak is technically intact, but it depends more on geopolitics than fundamentals.
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Bitcoin Hyper aims for first mover rally as Bitcoin tests key levels
For investors watching Bitcoin stall into resistance with macro risk overhead, the calculus for further spot upside at a market cap of $1.6 trillion looks increasingly compressed. Asymmetric return windows are placed earlier in the stack.
This is the theory behind Bitcoin Hyper ($HYPER), a Bitcoin Layer 2 project currently on pre-sale that has raised over $32.6 million at the current token price of $0.0136797.
The project’s core ambitious claim is to be the first Bitcoin Layer 2 to integrate the Solana virtual machine (SVM), theoretically relying on Bitcoin’s security layer while enabling smart contract execution faster than Solana itself.
A decentralized canonical bridge handles BTC transfers, and this architecture targets three structural weaknesses that have historically limited Bitcoin’s programmability: slow throughput, high fees, and lack of native smart contracts.
The Iran conflict has already demonstrated how quickly Bitcoin’s on-chain infrastructure can become stressed, and here the scalability layer has real practical context rather than just marketing copy. Staking is live and offers high APYs.
Visit the Bitcoin Hyper Presale website here.
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Disclaimer: Coinspeaker is committed to providing fair and transparent reporting. This article is intended to provide accurate and timely information but should not be taken as financial or investment advice. Market conditions can change rapidly, so we recommend that you verify the information yourself and consult a professional before making any decisions based on this content.
Daniel Frances is a technical writer and Web3 educator specializing in macroeconomics and DeFi mechanisms. A crypto native since 2017, Daniel leverages his background in on-chain analytics to write evidence-based reports and detailed guides. He holds certifications from The Blockchain Council and is dedicated to providing “information acquisition” that breaks through the market hype and finds real-world blockchain utility.
