Bitcoin traded sideways on Friday as global markets appeared to shrug off the latest skirmishes between the U.S. military and Iran’s Islamic Revolutionary Guard Corps in the Strait of Hormuz. Similarly, the latest data showing nonfarm payrolls surging by 115,000 in April failed to give the cryptocurrency a boost as it oscillated between $80,200 and $79,200.

While the stability halted a recent slide that erased gains made at the start of the week, bitcoin’s price action over 24 hours meant it was poised to end the workweek marginally higher. Its market capitalization remained stuck just under $1.6 trillion, a nearly 2% increase from seven days ago.

Predictably, the flat price action resulted in a marked decline in leveraged positions liquidated over a 24-hour period. Bitcoin alone saw $28.3 million in long bets liquidated in the period, versus $14.5 million in shorts. For context, approximately $91 million in overleveraged long positions were wiped out in the preceding 24 hours, compared with $12 million in shorts. Overall, the crypto economy saw $202 million in leveraged positions wiped out, with longs accounting for $103 million.

While the latest kinetic engagement between the U.S. and Iran represented a significant escalation in intensity compared to Monday’s skirmishes, its brief duration reinforced the prevailing market narrative: neither side is seeking a full-scale conflict. Investors effectively called the geopolitical bluff, as evidenced by energy markets. Although Brent crude and West Texas Intermediate (WTI) experienced knee-jerk spikes, the premiums evaporated by midday, leaving prices anchored at $101 and $95 per barrel, respectively.

In a striking display of resilience, market anxieties over a full-scale regional conflict have receded, fueling a historic rally that propelled the S&P 500 to a record-breaking close above 7,400. This 17.2% surge since March 30 represents a massive capital influx; according to The Kobeissi Letter, the index has ballooned by $10 trillion in market capitalization in just 29 trading days.

However, for bitcoin, the reversal over the last two days shows a lingering tug-of-war between bearish and bullish positioning, according to a Bitunix analyst.

“According to liquidation heatmaps, significant liquidity is concentrated around the $78,000 zone, meaning a breakdown below this area could trigger further liquidation pressure. At the same time, dense short liquidity remains stacked between $82,000 and $83,000, highlighting that the market is still trapped in a pronounced tug-of-war,” the analyst explained in a recent note.

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