Bitcoin hovered around $77,800 on Thursday morning, holding modest 24-hour gains but retreating from a recent push toward the $80,000 level as broader crypto markets weakened.
BTC was last trading at $77,794, up 0.4% over the past day, after peaking at $79,388 on Wednesday evening. The asset gradually eased خلال overnight trading, with a session low of $77,464, marking a roughly $1,900 intraday range.
Altcoins underperformed, with Ethereum slipping 0.7% to $2,344, XRP falling 1.7% to $1.42, and Solana declining 1.5% to $85.83. BNB also edged lower, down 0.6% to $635.
In macro markets, oil prices remained elevated, with Brent crude holding above $95 per barrel amid escalating tensions in the Middle East. The U.S. continued its naval blockade around Iranian ports, while Iran restricted access through the Strait of Hormuz, with reports of Iranian gunboats firing on commercial vessels on Wednesday.
Geopolitical uncertainty persists despite a ceasefire announced by Donald Trump on April 7, which remains in place indefinitely. However, diplomatic progress appears limited after JD Vance canceled a planned trip to Islamabad when Iran declined to participate in talks. According to White House Press Secretary Karoline Leavitt, no firm deadline has been set for an Iranian response.
Market structure suggests a narrow rally. Bitcoin is up roughly 4% on the week, while most major altcoins have moved within a tight ±2% range, with ether and solana posting losses. Such divergence typically signals concentrated demand rather than broad-based strength.
Lukas Enzersdorfer-Konrad offered a more optimistic interpretation, arguing that bitcoin’s recent move toward $80,000 reflects growing market maturity, supported by institutional inflows and improving regulatory clarity.
However, that view contrasts with persistently weak derivatives positioning. Funding rates have remained negative for nearly 47 consecutive days—one of the longest bearish stretches on record—suggesting limited conviction from leveraged traders.
A break below $76,000 could indicate that the $79,388 high marked a local top, with further upside likely dependent on either meaningful geopolitical de-escalation or a reversal in funding conditions that draws fresh capital into the market.
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