Bitcoin has pulled back a bit after briefly approaching the $80,000 mark on Tuesday.
At the time of writing, it was trading at $77,794, still up 0.4% over the last 24 hours, after reaching a high of $79,388 before gradually declining during the overnight session.
The 24-hour low of $77,464 was set on Thursday morning, meaning the entire range of the move was around $1,900. Ether (ETH) was down 0.7% at $2,344, XRP (XRP) was down 1.7% at $1.42, solana (SOL) was down 1.5% at $85.83, and BNB was down 0.6% at $635.
Brent crude held above USD 95 per barrel as the US maintained its naval blockade of ships going to and from Iranian ports while Iran kept the strait closed to almost all other international traffic. Iranian gunboats fired on commercial ships in the waterway on Wednesday.
Trump’s April 7 ceasefire remains in place “indefinitely,” but Vice President JD Vance’s planned Tuesday trip to Islamabad was canceled after Iran declined to send a delegation. White House press secretary Karoline Leavitt said Trump has not set a firm deadline for an Iranian proposal.
The deviation in the top 10 supports the position reading. Bitcoin is up 4% on the week, every other major is within 2% in both directions, with ether and solana actually down.
When a rally concentrates on one asset while the rest of the complex fades, the source of the bid is usually narrow rather than broad.
Bitpanda CEO Lukas Enzersdorfer-Konrad took the opposite view, arguing that the overnight push towards $80,000 signals maturity and robustness in the digital asset industry underpinned by institutional participation and a clearer regulatory framework.
That framework is harder to reconcile with a market where bitcoin leads alone amid thin altcoin participation and where funding rates have been negative for about 47 consecutive days, one of the longest stretches of bearish derivatives positioning on record.
A drop below $76,000 would mean the $79,388 high was printed at the top of this leg, and the next move requires either genuine Iran progress or a shift in the funding rate picture that pulls real capital back.
