The brief surge of bitcoin towards $80,000 lost momentum on Monday, with prices dropping to $76,600 during the US session as geopolitical concerns resurfaced. After reaching its highest level since early February, near $80,000, the largest cryptocurrency reversed direction, posting a 1.5% decline over 24 hours. Major altcoins, including ether, XRP, and solana, fell around 3%, while the CoinDesk 20 Index declined 2% on Monday.
The pullback is attributed to growing investor caution regarding US-Iran negotiations and the ongoing disruption to the Strait of Hormuz, a key global oil transit route. Oil prices continued to rise, with Brent crude oil climbing over 3% to $107 a barrel and West Texas Intermediate crude oil up 2.6% to $97. The Nasdaq edged 0.3% lower, and crypto-linked stocks declined, with Coinbase, Circle, and Galaxy Digital falling 1.5%, 3.5%, and nearly 6%, respectively.
Bitfinex analysts noted that short-term BTC holders are selling into strength, offsetting fresh demand from ETF buyers and Strategy. They predict that the near-term path of least resistance is likely consolidation or a pullback towards the $75,000 region, requiring a decisive break above $80,000 to confirm a more durable bullish regime.