Bitcoin briefly approached the $80k level before losing momentum, trading at $77,794 on Thursday morning, still up 0.4% over the past 24 hours but well below the $79,384 peak reached yesterday . The session recorded a 24-hour low of $77,464, creating a total trading range of about $1,900. Bitcoin remained the only major cryptocurrency to post gains over the past day while continuing to lead weekly performance.
In contrast, major altcoins ended lower. Ether slipped 0.7% to $2,344, XRP fell 1.7% to $1.42, Solana declined 1.5% to $85.83.
Narrow Bitcoin Rally and Persistent Negative Funding Rates
Market positioning data showed Bitcoin gaining roughly 4% on the week, while most other top cryptocurrencies remained within 2% of flat performance, with Ether and Solana posting slight weekly losses. Analysts noted that when gains are concentrated in Bitcoin while the rest of the market weakens, the rally is often driven by a narrow set of participants rather than widespread investor demand.
Negative funding rates have persisted for roughly 47 consecutive days, marking one of the longest stretches of bearish derivatives positioning on record. This trend suggests traders remain cautious, even as prices push higher.
However, Lukas Enzersdorfer-Konrad offered a more optimistic view, arguing that the overnight move toward $80,000 reflects growing institutional participation and improved regulatory clarity, signaling the increasing maturity and resilience of the digital asset industry.
Geopolitical Tensions and Oil Prices Add Market Uncertainty
External geopolitical developments have also influenced market sentiment. Brent crude oil prices held above $95 per barrel as the United States maintained a naval blockade on ships traveling to and from Iranian ports.
Diplomatic efforts remain uncertain. A ceasefire announced on April 7 by Donald Trump remains in place indefinitely, but talks stalled after JD Vance canceled a planned trip to Islamabad when Iran declined to send a delegation.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.