Bitcoin struggles to maintain $80,000 level as other cryptocurrencies decline due to profit-taking

Following a brief approach to the $80,000 threshold on Tuesday, Bitcoin has experienced a slight pullback, trading at $77,794 at the time of writing, representing a 0.4% increase over the past 24 hours after peaking at $79,388 before gradually declining overnight. The 24-hour low of $77,464 was recorded on Thursday morning, resulting in a $1,900 range. Other notable cryptocurrencies, including ether, XRP, solana, and BNB, saw declines of 0.7%, 1.7%, 1.5%, and 0.6%, respectively. The global market also saw Brent crude prices remain above $95 per barrel due to ongoing US-Iran tensions. In contrast to the overall market trend, Bitcoin has seen a 4% increase over the week, while other major cryptocurrencies have remained within a 2% range. This divergence suggests that the current rally may be driven by narrow rather than broad market forces. However, Bitpanda CEO Lukas Enzersdorfer-Konrad has argued that the push towards $80,000 demonstrates the maturity and resilience of the digital asset industry, backed by institutional participation and clearer regulatory frameworks. Nevertheless, the lack of participation from altcoins and negative funding rates over the past 47 days may indicate a bearish market positioning, potentially leading to a decline below $76,000 if genuine progress is not made in the Iran situation or if there is a shift in the funding rate picture.