Bitcoin held above the $78,000 mark during Thursday’s Asian session despite a broader retreat across the cryptocurrency market. BTC was down about 1% over 24 hours, while several major altcoins recorded larger losses.
Dogecoin posted the biggest decline, falling more than 5%. BNB dropped approximately 4%, and XRP slipped 3%. Ether, Solana and Hyperliquid’s HYPE each declined between 1% and 3%, with Ether trading below $2,475 and Solana near $102. Tron was the lone major gainer, adding less than 1% to reach roughly 34 cents, according to CoinDesk data.
Bitcoin also delivered a notable technical signal earlier this week. Its 50-day moving average moved above the 200-day average on Tuesday, creating a golden cross that is often viewed as a bullish indicator.
However, FxPro analysts noted that comparable signals in October 2024 and May 2025 failed to generate sustained gains. They said the latest crossover may be more significant because it has emerged after a prolonged bull market rather than during a corrective phase.
The analysts pointed to 2019 as a closer historical comparison. Bitcoin rallied about 90% in less than two months after a similar crossover that year.
Oil surge lifts Treasury yields
Crypto weakness coincided with renewed pressure across broader financial markets as crude prices climbed. Brent crude briefly approached $102 a barrel in Asian trading after Iran said it was prepared for a more intense war.
Higher oil prices are feeding into expectations for monetary policy, raising concerns that inflation could remain elevated for longer.
The 10-year Treasury yield hovered around 4.85%, reaching levels last seen in late 2023. Treasury investors were disappointed by the U.S. government’s plan to purchase as much as $6 billion of longer-duration debt because the amount was smaller than some had expected.
Asian stocks also moved lower following losses on Wall Street. The MSCI Asia Pacific Index fell nearly 1%, while benchmark indexes in Japan, South Korea, Taiwan and Australia also declined.
In the U.S., the S&P 500 finished Wednesday about 1% lower, while the Nasdaq 100 recorded a smaller decline. Futures for U.S. and European markets edged higher afterward.
The dollar index remained in the 98 range, but its intraday gains faded. The currency is also no longer receiving the same boost from higher oil prices that it enjoyed earlier in the conflict.
Yen and Canadian dollar in focus
Currency traders continued to monitor the Japanese yen, which returned to the 150-per-dollar area following remarks from Treasury Secretary Scott Bessent.
The Canadian dollar was another focus after it strengthened enough to push the U.S. dollar below 1.38. The move came as retaliatory tariffs took effect and the U.S. imposed restrictions on certain Canadian imports.
Attention now turns to Friday’s U.S. consumer price index report. A stronger-than-expected inflation reading could revive expectations of a Federal Reserve rate hike, potentially adding another layer of pressure to cryptocurrencies and other risk assets that declined on Thursday.
