Key Takeaways

• Pullback after early bounce: Bitcoin slipped 0.7% to $77,581.7 after briefly touching an intraday high of $79,461.7, struggling to break the key $80,000 resistance level.
• Iran proposal sparks brief rally: Tehran’s reported offer to reopen the Strait of Hormuz initially lifted sentiment before fading on uncertainty over Washington’s response.
• Oil pressure weighs: Elevated crude prices near multi-week highs continue to dampen broader risk appetite.
• Diplomatic deadlock: Trump scrapped a planned envoy trip to advance Iran talks, suggesting negotiations could proceed by phone instead.
• Bitcoin Conference 2026 begins: The world’s largest Bitcoin event kicks off in Las Vegas on Monday, historically a source of heightened volatility.
• Central bank week: Investors await the Fed decision Wednesday — likely Powell’s last as chair — and the BOJ’s two-day meeting outcome.
• Altcoins drift lower: Ethereum eased 0.4% to $2,321.45, XRP fell 0.8% to $1.42, while Solana, Cardano, Polygon, and Dogecoin all posted modest losses.

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Bitcoin slid back toward $77,000 on Monday after failing to hold onto an early rally, as climbing oil prices and lingering geopolitical strains weighed on the broader appetite for risk assets.

The world’s largest cryptocurrency was last trading 0.7% lower at $77,581.7 as of 03:04 ET (07:04 GMT), after briefly hitting an intraday peak of $79,461.7.

Bitcoin continues to run into formidable resistance around the pivotal $80,000 mark, with the latest pullback following a string of rebounds near $79,000.

Bitcoin Erases Early Gains as Oil Stays Elevated

The session’s initial bounce was driven by an Axios report indicating that Iran had presented the United States with a proposal to reopen the Strait of Hormuz, while pushing nuclear negotiations to a later stage.

The offer, communicated through intermediaries, sparked some optimism that flows through the critical oil transit corridor could be restored.

However, Bitcoin surrendered those gains as oil prices held near multi-week highs amid uncertainty over whether Washington would actually accept the proposal.

Earlier in the weekend, U.S. President Donald Trump canceled a planned envoy trip designed to push Iran talks forward, saying that any further negotiations could be conducted over the phone.

Bitcoin had previously drawn support from optimism around ceasefire developments earlier this month, when easing tensions briefly fueled a rebound in risk appetite across markets.

Bitcoin Conference 2026 Takes Center Stage

The world’s largest Bitcoin gathering, Bitcoin Conference 2026, gets underway in Las Vegas later on Monday.

The event is expected to attract tens of thousands of investors, developers, and policymakers, with high-profile keynote speakers and major industry announcements often shaping the market mood. Historically, Bitcoin has tended to experience heightened volatility around the conference window, with prices frequently rallying into the event on a wave of optimism before encountering profit-taking or consolidation in its wake.

Market participants are also keeping a close eye on a packed slate of central bank decisions, particularly meetings from the Federal Reserve and the Bank of Japan this week, for clues on the direction of interest rate policy amid escalating inflation risks.

The Fed is scheduled to deliver its policy decision on Wednesday, in what is widely expected to be the final meeting chaired by Jerome Powell before an anticipated leadership transition.

Over in Asia, the Bank of Japan began its two-day meeting on April 27, with markets bracing for policymakers to hold rates steady while signaling the possibility of a rate hike in the months ahead as inflation pressures continue to build.

Crypto Price Today: Altcoins Drift Lower

Ethereum, the world’s second-largest cryptocurrency, edged 0.4% lower to $2,321.45.

XRP, ranked third globally, fell 0.8% to $1.42.

Solana eased 1.1%, while both Cardano and Polygon dropped 1.5% each.

Among meme tokens, Dogecoin slipped 0.6%.