Bitcoin’s attempt to break above $80,000 lost momentum Monday, with prices retreating to around $76,600 as rising geopolitical tensions weighed on risk sentiment.
After briefly touching its highest level since early February near $80,000 during overnight trading, BTC reversed course and fell about 1.5% over the past 24 hours. The broader crypto market followed lower, with ether (ETH), XRP and solana (SOL) each dropping roughly 3%, while the CoinDesk 20 Index declined करीब 2%.
The pullback comes as investor caution builds around the uncertain outlook for U.S.-Iran negotiations and ongoing disruptions in the Strait of Hormuz, a critical artery for global oil shipments.
According to reports, Iran has floated a proposal to halt attacks on vessels in the region in exchange for an end to hostilities, including lifting the U.S. naval blockade and delaying nuclear discussions. However, uncertainty persists after former President Donald Trump reportedly canceled plans to send envoys for talks, leaving negotiations in limbo.
Oil markets reacted strongly. Brent crude surged more than 3% to around $107 per barrel, while West Texas Intermediate rose 2.6% to roughly $97, adding to broader macro pressure on risk assets.
U.S. equities showed mixed performance. The Nasdaq slipped 0.3% from recent highs, while the S&P 500 traded flat ahead of a key earnings week featuring major tech firms including Alphabet, Meta, Microsoft and Apple.
Crypto-related stocks also came under pressure. Coinbase shares fell about 1.5%, Circle dropped 3.5%, and Galaxy Digital declined nearly 6% during the session.
Despite continued institutional inflows, underlying bitcoin market dynamics suggest limited upside momentum in the near term. Analysts at Bitfinex noted that profit-taking from short-term holders is offsetting fresh demand from ETF investors and Strategy (MSTR), effectively capping gains.
This balance between selling pressure and new inflows is likely to keep bitcoin range-bound. “The path of least resistance in the near term is consolidation or a pullback toward the $75,000 region,” the analysts said, adding that a sustained move above $80,000 would be needed to confirm a stronger bullish trend.
For now, bitcoin appears stuck in a consolidation phase, with macro risks and profit-taking continuing to limit further upside.
