Bitcoin traded just under $78,000 on Thursday, holding slight gains on the day but pulling back from a recent attempt to break above the $80,000 level.
BTC was last at $77,794, up 0.4% over 24 hours, after reaching a high of $79,388 on Wednesday. Prices drifted lower overnight, with a session low of $77,464, leaving a total intraday range of roughly $1,900.
Altcoins lagged, pointing to broader market softness. Ethereum fell 0.7% to $2,344, XRP dropped 1.7% to $1.42, and Solana declined 1.5% to $85.83. BNB also slipped 0.6% to $635.
In the macro environment, oil prices remained elevated, with Brent crude holding above $95 per barrel as geopolitical tensions persisted. The U.S. continued a naval blockade targeting Iranian-linked shipping, while Iran maintained restrictions in the Strait of Hormuz. Reports indicated Iranian gunboats fired on commercial vessels on Wednesday.
Diplomatic progress remains uncertain. A ceasefire announced on April 7 by Donald Trump is still in place, but talks have stalled after JD Vance canceled a planned visit to Islamabad when Iran declined to participate. White House Press Secretary Karoline Leavitt said no timeline has been set for further negotiations.
Market dynamics suggest a narrow rally led by bitcoin. BTC is up around 4% over the past week, while most major altcoins have moved little or trended lower, indicating limited breadth behind the advance.
Lukas Enzersdorfer-Konrad described bitcoin’s resilience near $80,000 as a sign of growing institutional support and a maturing digital asset market.
However, derivatives data continues to signal caution. Funding rates have remained negative for roughly 47 consecutive days, reflecting sustained bearish positioning among leveraged traders.
A move below $76,000 could indicate that the $79,388 level marked a near-term top, with the next leg dependent on either easing geopolitical tensions or a shift in market positioning that brings fresh capital into the space.
