Bitcoin fell slightly after briefly approaching the $80,000 mark on Tuesday.
At the time of writing, it was trading at $77,794, still up 0.4% over the past 24 hours, after hitting a high of $79,388 before gradually falling during the overnight session.
The 24-hour low of $77,464 was set on Thursday morning, meaning the full range of the move was around $1,900. Ether (ETH) fell 0.7% to $2,344, XRP (XRP) fell 1.7% to $1.42, solana (SOL) fell 1.5% to $85.83, and BNB fell 0.6% to $635.
Brent crude held above $95 a barrel as the United States 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 on Wednesday.
Trump’s April 7 ceasefire remains in effect “indefinitely,” but Vice President JD Vance’s planned Tuesday trip to Islamabad was canceled after Iran refused to send a delegation. White House press secretary Karoline Leavitt said Trump had not set a firm deadline for an Iranian proposal.
The divergence in the top 10 supports the reading of the positioning. Bitcoin is up 4% for the week, all other majors are up 2% in both directions, with Ether and Solana actually down.
When a rally is concentrated in one asset while the rest of the complex fades, the source of supply is usually narrow rather than broad.
Bitpanda CEO Lukas Enzersdorfer-Konrad took the opposite view, saying the overnight push toward $80,000 signals the maturity and resilience of the digital assets sector, supported by institutional participation and clearer regulatory frameworks.
This framework is more difficult to reconcile with a market where Bitcoin is alone in the lead amid low altcoin participation and where funding rates have been negative for approximately 47 consecutive days, one of the longest periods of bearish derivatives positioning on record.
A drop below $76,000 would mean the high of $79,388 would mark the top for this leg, and the next move would require either real progress in Iran or a change in the funding rate situation that would bring real capital back.
