Bitcoin hit $79,388 late Wednesday night and has been quietly retreating since then.
Bitcoin was trading at $77,794 on Thursday morning, up 0.4% in 24 hours, after peaking at $79,388 at 21:34 IST on Tuesday and trading lower in overnight trade.
A 24-hour low of $77,464 was hit on Thursday morning, which implies a full range of around $1,900. Ethereum fell 0.7% to $2,344, XRP fell 1.7% to $1.42, Solana fell 1.5% to $85.83, and BNB fell 0.6% to $635. Bitcoin was the only major positive in 24 hours.
Brent crude oil prices remained above $95 a barrel as the United States maintained a naval blockade on ships entering and exiting Iranian ports while Iran closed the straits to almost all other international traffic. On Wednesday, Iranian gunboats opened fire on commercial ships in the waterway.
Trump’s April 7 ceasefire agreement remains in place “indefinitely,” but Vice President J.D. Vance’s planned trip to Islamabad on Tuesday was canceled after Iran refused to send a delegation. White House press secretary Carolyn Leavitt said Trump has not yet set a firm deadline for the Iran proposal.
The difference in the top 10 supports the positioning interpretation. Bitcoin is up 4% for the week, with other major currencies all within 2% of gains, while Ethereum and Solana are actually down.
When a rally is concentrated in one asset while others fade, the source of buying is usually narrow rather than broad.
Bitpanda CEO Lukas Enzersdorfer-Konrad takes a contrary view, arguing that the digital asset’s move toward $80,000 signals the maturity and resilience of the digital asset industry, supported by institutional engagement and a clearer regulatory framework.
This framework is difficult to reconcile with a market in which Bitcoin is leading the charge on its own amid low altcoin participation, and funding rates have been negative for approximately 47 days in a row, one of the longest periods of bearish derivatives positioning on record.
If it falls below $76,000, it means that the high of $79,388 has been topped out, and the next move will either require Iran to make real progress or change the financing rate pattern to pull real capital back.
