After briefly nearing the $80,000 threshold on Tuesday, Bitcoin (BTC) has experienced a slight pullback, trading at $77,794 at the time of writing. Despite this, it remains up by 0.4% over the past 24 hours, having reached an intraday high of $79,388 before easing downward during the overnight period.
On Thursday morning, Bitcoin’s low point was recorded at $77,464, resulting in a full trading range of approximately $1,900 for this span. Ether (ETH) saw a decrease of 0.7% to $2,344, while XRP (XRP) dropped by 1.7% to $1.42. Solana (SOL) fell 1.5% to $85.83 and BNB declined by 0.6% to $635.
Brent crude prices remained above $95 per barrel amidst the U.S.’s sustained naval blockade on vessels traveling to and from Iranian ports, while Iran continued to restrict access to the Strait for most international traffic. On Wednesday, Iranian gunboats targeted commercial ships within this waterway.
Trump’s ceasefire declared on April 7 is still active “indefinitely,” although Vice President JD Vance’s planned visit to Islamabad was postponed after Iran opted not to send a delegation. White House Press Secretary Karoline Leavitt noted that Trump has yet to establish a definitive deadline for an Iranian proposal.
The divergence among the top-10 cryptocurrencies supports this analysis: Bitcoin is up 4% over the week, while every other major asset remains within a 2% range either way, with Ether and Solana having experienced declines. When a rally focuses on one asset as others recede, it often indicates that demand is concentrated rather than widespread.
Contrary to this view, Bitpanda CEO Lukas Enzersdorfer-Konrad posits that the push towards $80,000 overnight reflects the digital asset industry’s maturity and resilience, driven by institutional involvement and more defined regulatory frameworks. This perspective becomes challenging to align with a market where Bitcoin leads while altcoins show minimal participation and funding rates have remained negative for nearly 47 consecutive days—a record length of bearish derivatives positioning.
Should Bitcoin fall below $76,000, the recent peak at $79,388 would be considered the crest of this rally. Future movements might depend on tangible progress in Iran or a change in the funding rate scenario that attracts real capital back into the market.