Bitcoin weakens around $80K as Ethereum, Solana, and Dogecoin pull back amid profit-taking

Bitcoin hovered just below $78,000 on Thursday, maintaining modest gains over the past 24 hours but retreating from a recent test of the $80,000 threshold.

BTC was trading at $77,794, up 0.4% on the day, after climbing to an intraday high of $79,388 on Wednesday before easing lower במהלך overnight trading. The session low of $77,464 set earlier Thursday reflected a total price swing of roughly $1,900.

Altcoins showed broader कमजोरी, with Ethereum slipping 0.7% to $2,344, XRP declining 1.7% to $1.42, and Solana falling 1.5% to $85.83. BNB also edged lower, down 0.6% to $635.

In the macro backdrop, oil markets remained firm, with Brent crude holding above $95 per barrel amid ongoing geopolitical tensions. The U.S. continued enforcing a naval blockade around Iranian-linked shipping, while Iran maintained restrictions in the Strait of Hormuz. Reports on Wednesday indicated Iranian gunboats fired on commercial vessels transiting the area.

Diplomatic momentum appears limited despite the ceasefire announced on April 7 by Donald Trump, which remains in effect without a defined end date. Planned talks faced a setback after JD Vance canceled a trip to Islamabad when Iran declined to send representatives. White House Press Secretary Karoline Leavitt confirmed no deadline has been set for a response from Tehran.

Market structure continues to reflect a bitcoin-led move. BTC is up roughly 4% over the past week, while most major altcoins have traded within a narrow range or declined slightly, signaling a lack of broad participation.

Lukas Enzersdorfer-Konrad framed the recent price action as evidence of increasing market maturity, citing institutional engagement and improving regulatory clarity as supportive factors.

However, derivatives data suggests caution. Funding rates have remained negative for approximately 47 consecutive days, indicating persistent bearish positioning among leveraged traders.

A break below $76,000 would strengthen the case that the $79,388 high marked a near-term top, with the next directional move likely hinging on either geopolitical de-escalation or a meaningful shift in derivatives sentiment.

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