Bitcoin Slips to $79,000 as Dogecoin Leads Major Crypto Losses
Bitcoin is back under pressure on Friday, sliding to $79,614 during Asian trading hours after pulling back from a Wednesday peak of $81,500, the highest level since late January. The move lower comes as bitcoin negative funding rates continue to make history, now stretching into their 67th consecutive day in negative territory, the longest such streak in a decade according to K33 Research.
Funding rates for bitcoin futures have been negative for 67 straight days, creating a powerful setup for a potential short squeeze if prices break above the key $83,200 technical level. The longer this streak holds, the more explosive the coil becomes for traders watching from the sidelines.
Bitcoin traded down 1.6% over 24 hours but remains up 3.3% on the week, a sign that the broader uptrend is still intact despite the Friday dip.
The trigger for the latest pullback wasn’t just technical. U.S. forces fired on Iranian targets after attacks on American naval destroyers transiting the Strait of Hormuz on Thursday. President Trump downplayed the strike in an ABC News interview, calling it a “love tap” and insisting the ceasefire with Iran remains in effect, but markets flinched anyway. Brent crude climbed 1.2% to around $101 a barrel on the escalation, though oil is still down more than 6% on the week as the broader de-escalation narrative continues to hold.
Among the major altcoins, Dogecoin took the hardest hit. Ether dropped 2% to $2,278, dogecoin slid 3.8% to $0.1063, XRP fell 1.7% to $1.38, and BNB shed 0.7% to $638, while Solana and TRON held in green territory. Dogecoin is the only major coin still in the red on the seven-day chart, making it the week’s clear underperformer.
The bitcoin negative funding rates dynamic is one that analysts are closely watching as a contrarian indicator. Historically, deeply negative funding rates have coincided with local market bottoms, including March 2020, mid-2021, and the FTX collapse in 2022. That historical context is giving some bulls reason to stay patient.
Research firm XWIN Japan flagged $93,000 as a medium-term target, driven by closing the CME futures gap, though the firm cautioned the move may not be linear and could see another leg lower first.
The market is caught between two competing forces right now: the explosive short squeeze potential building beneath the surface from sustained bitcoin negative funding rates, and the ceiling being put in place by geopolitical risk and an overbought RSI. A clean break above $83,200 could change everything. Until then, traders remain in a cautious holding pattern.
