Bitcoin's price has decreased to approximately $79,840, falling below the $80,000 threshold after reaching a high of $81,705 earlier in the session. This decline is attributed to a combination of profit-taking by traders following a 37% rally since early April and renewed geopolitical tensions between the United States and Iran. Iranian official Mohsen Rezaei recently dismissed parts of a US proposal regarding the Strait of Hormuz, a crucial route for global oil shipments, which has contributed to a cautious market atmosphere. Despite the drop, broader market indicators have not shown a significant downturn, with ongoing demand for perpetual futures and stable spot demand. Bitcoin's immediate support lies in the $79,000 to $80,000 range, while resistance is noted near $82,162. Should conditions improve, traders are eyeing potential price targets of $90,000 to $92,000.