Bitcoin traded near $77,800 early Thursday, holding slight daily gains but pulling back from its recent attempt to reclaim the $80,000 level.
The asset was last at $77,794, up 0.4% over 24 hours, after reaching a high of $79,388 on Wednesday before drifting lower overnight. A session low of $77,464 set Thursday morning put the total trading range at roughly $1,900.
Broader crypto markets showed weakness, with Ethereum down 0.7% to $2,344, XRP falling 1.7% to $1.42, and Solana losing 1.5% to $85.83. BNB also declined 0.6% to $635.
In traditional markets, Brent crude remained elevated above $95 per barrel as geopolitical tensions persisted. The U.S. continued its naval blockade targeting traffic linked to Iranian ports, while Iran restricted passage through the Strait of Hormuz. Reports indicated Iranian gunboats fired on commercial vessels on Wednesday.
Diplomatic developments remain uncertain. A ceasefire announced by Donald Trump on April 7 is still in place, but progress has stalled after JD Vance canceled a planned visit to Islamabad when Iran declined to participate in talks. White House Press Secretary Karoline Leavitt said no timeline has been set for a response from Tehran.
Market positioning points to a narrow advance led by bitcoin. BTC is up around 4% on the week, while most major altcoins have remained flat or slightly negative, with ether and solana underperforming. Such divergence typically reflects concentrated buying rather than broad market strength.
Lukas Enzersdorfer-Konrad offered a more constructive view, suggesting bitcoin’s resilience near $80,000 highlights growing institutional support and a maturing market structure.
Still, derivatives data tells a more cautious story. Funding rates have stayed negative for roughly 47 straight days, signaling persistent bearish positioning among leveraged traders.
A move below $76,000 would increase the likelihood that the $79,388 level marked a near-term top, with further upside dependent on either easing geopolitical tensions or a shift in derivatives sentiment that brings fresh capital into the market.
