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Bitcoin Gives Back Gains After Rally Above $79K; Vegas Summit 2026
Bitcoin moved toward $77,000 on Monday after failing to hold early gains, as rising oil prices and ongoing geopolitical tensions weighed on overall risk appetite.
The world’s largest cryptocurrency was trading 0.7% lower at $77,581.7 as of 07:04 GMT, after briefly touching an intraday high of $79,461.7.
Bitcoin is facing strong resistance around the key $80,000 level, with the pullback occurring after multiple rebounds near $79,000.
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Bitcoin Loses Early Gains Amid Rising Oil Prices
The initial rally was driven by a report from Axios stating that Iran proposed reopening the Strait of Hormuz to the United States, potentially delaying nuclear negotiations to a later stage.
The proposal, delivered through intermediaries, raised some hopes for restoring flows through this critical oil transit route.
However, Bitcoin gave back its gains, while oil prices remain elevated near multi-week highs amid uncertainty over whether Washington will accept the proposal.
Earlier, U.S. President Donald Trump canceled a planned envoy trip aimed at advancing talks with Iran, stating negotiations could continue by phone.
Bitcoin had previously benefited from optimism around ceasefire discussions earlier this month, when easing tensions supported a recovery in risk appetite.
Focus on Bitcoin Conference 2026
The world’s largest Bitcoin-focused gathering, Bitcoin Conference 2026, kicks off in Las Vegas later on Monday.
The event is expected to attract tens of thousands of investors, developers, and policymakers, with high-profile speakers and industry announcements often shaping market sentiment.
Historically, Bitcoin tends to show increased volatility during the conference, with prices often rising ahead of the event on optimism, followed by profit-taking or consolidation.
Market participants are also watching upcoming central bank decisions, particularly meetings of the Federal Reserve and the Bank of Japan this week, for signals on interest rate policy amid rising inflation risks.
The Federal Reserve will announce its policy decision on Wednesday, which could be the last meeting chaired by Jerome Powell before an anticipated leadership change.
In Asia, the Bank of Japan began its two-day meeting on April 27, with markets expecting policymakers to keep rates unchanged while signaling potential hikes in the coming months due to inflation risks.
Crypto Prices Today: Altcoins Decline
The second-largest cryptocurrency, Ethereum, fell 0.4% to $2,321.45.
The third-largest cryptocurrency, XRP, dropped 0.8% to $1.42.
Solana declined 1.1%, while Cardano and Polygon each fell 1.5%.
Among meme tokens, Dogecoin dropped 0.6%.
See also: "Bitcoin holds steady amid a new record in institutional derivatives"
