Bitcoin loses grip near $80,000 as ETH, SOL, DOGE fade on profit-taking
Bitcoin traded at $77,794 on Thursday morning, up 0.4% over 24 hours but well off the $79,388 high hit Wednesday evening, with ether, XRP and Solana all closing red.
What to know:
- Bitcoin briefly touched $79,388 before easing back to about $77,800, standing out as the only major cryptocurrency in positive territory over the past 24 hours while leading weekly gains against mostly flat or weaker rivals.
- The rally’s concentration in bitcoin, alongside negative funding rates that have persisted for roughly 47 days, suggests a narrow, derivatives-skeptical bid rather than broad-based enthusiasm across digital assets.
- Geopolitical tensions, including a U.S. naval blockade near Iran, Iranian gunboat fire in the Strait and stalled cease-fire diplomacy, are feeding market uncertainty, with analysts warning that a drop below $76,000 could mark a near-term top unless sentiment or Iran talks improve.
The 24-hour low of $77,464 was set Thursday morning, meaning the full range of the move was about $1,900. Ether slipped 0.7% to $2,344, XRP fell 1.7% to $1.42, Solana dropped 1.5% to $85.83, and BNB declined 0.6% to $635. Bitcoin is the only major positive on 24 hours.
Brent crude held above $95 a barrel as the US maintained its naval blockade on 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 Wednesday.
Trump’s April 7 ceasefire remains in place “indefinitely,” but Vice President JD Vance’s planned Tuesday trip to Islamabad was called off 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 divergence in the top 10 backs the positioning read. Bitcoin up 4% on the week, every other major within 2% either direction, with ether and Solana actually down.
