Bitcoin retreated toward the $77,000 area on Monday after an early intraday rally failed to hold, with the largest cryptocurrency last quoted 0.7% lower at $77,581.7 by 03:04 ET (07:04 GMT). The token had briefly reached an intraday high of $79,461.7 before the pullback.
Market participants noted that Bitcoin continues to encounter stiff technical resistance near the $80,000 mark, and Monday's decline follows multiple rebounds around $79,000 that proved unsustained.
Drivers behind the shift
Initial upside momentum came after a report that Iran submitted a proposal to the United States through mediators to reopen the Strait of Hormuz, a key oil transit choke point. That news briefly raised hopes of restored flow through the route and supported early risk appetite.
However, the gains were reversed as oil prices remained elevated near multi-week highs. The persistence of higher crude prices, combined with uncertainty over whether Washington will accept Tehran's proposal, appeared to temper investor risk-taking and helped push Bitcoin lower.
Earlier developments also included U.S. President Donald Trump canceling a planned envoy trip intended to advance talks with Iran, with an indication that negotiations could continue by phone. Markets had already seen earlier gains in Bitcoin tied to optimism around ceasefire discussions earlier this month, when easing geopolitical tensions supported a rebound in risk-on flows.
Event risk - Bitcoin Conference 2026
The Bitcoin Conference 2026 opens in Las Vegas later on Monday and is expected to attract tens of thousands of investors, developers, and policymakers. High-profile presentations and industry updates around the event often influence sentiment, and historically the conference window has been associated with higher volatility as prices can rally into the event on optimism and then face profit-taking or consolidation.
Macro calendar - central bank focus
Beyond event-related flows, traders are watching major central bank decisions this week. The Federal Reserve is scheduled to announce its policy decision on Wednesday - a meeting noted as potentially the final one chaired by Jerome Powell before a widely expected leadership transition. In Asia, the Bank of Japan began a two-day meeting on April 27, with markets anticipating policymakers will hold rates steady while signalling a possible rate hike in the coming months as inflation risks rise.
Altcoin performance
- Ethereum edged down 0.4% to $2,321.45.
- XRP fell 0.8% to $1.42.
- Solana eased 1.1%.
- Cardano and Polygon each declined 1.5%.
- Dogecoin slipped 0.6%.
These moves show a broad, modest pullback among major cryptocurrencies alongside Bitcoin's retreat.
Outlook and context
In the near term, price action appears to be influenced by a combination of geopolitical developments, energy market strength, and central bank communications. The confluence of a high-profile industry gathering and consequential policy announcements creates a dense calendar that market participants are likely to navigate with caution.