Bitcoin traded mostly between $84,000 and $85,000 on Friday before a volatility spike pushed it near $83,000. The cryptocurrency had lost momentum after breaching $87,000 for the second time earlier in the week, giving back most of its more than $5,000 Monday gain. Bitcoin later moved between an intraday high of $85,238 and a low of $83,229, and was again approaching $84,000, little changed over 24 hours. Bitcoin-related leveraged position liquidations totaled $67 million, including approximately $47 million in long positions and $20 million in shorts. Across the wider crypto market, Coinglass data showed more than $145 million of long liquidations and $134 million of short liquidations as several altcoins advanced, some by double digits. Analysts are divided between viewing the move as temporary consolidation before another rally and seeing macroeconomic and Middle East geopolitical pressures as key drivers. Andrew Melville, head of research at Block Scholes, cited rising U.S. government bond yields, higher oil prices and Federal Reserve officials signaling that a September rate hike could begin a new tightening cycle. He said the 30-year yield reached its highest level since 2004, 10-year yields rose around 20 basis points over two days, and the two-year yield had climbed more than 150 basis points since the beginning of the U.S.-Iran conflict. Brent crude settled above $100 per barrel despite reports of a possible phased reopening of the Strait of Hormuz, while Fed funds futures priced in at least three rate hikes over the next year. Melville nevertheless pointed to bitcoin's move above $87,000, U.S. equities near record highs, the largest single-day inflow into spot bitcoin exchange-traded funds since October's record inflow levels, and Strategy's first bitcoin purchase in nearly a month as evidence of resilient institutional sentiment. He said the backdrop could provide a favorable setup heading toward the fourth quarter of 2026.