Bitcoin climbed above $77,000 on Monday as a sharp decline in oil prices lifted Asian stock markets. The move followed weekend reports of progress toward reopening the Strait of Hormuz.
Bitcoin traded near $77,200, up 0.4 percent from midnight UTC, according to CoinDesk data. It held just above its 50-day moving average of around $76,940. Other cryptocurrencies including XRP, Solana and Ether posted smaller gains but remained below their own 50-day averages.
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Bitcoin surged above $80,000 for the first time since January during early Asian trading on May 4, 2026, reaching highs around $80,600. The cryptocurrency later pulled back to around $79,000 following reports of an Iranian missile strike on a U.S. warship, which the U.S. denied. Geopolitical risks near the Strait of Hormuz overshadowed strong ETF inflows supporting the rally.
Bitcoin has maintained its position around $70,000 despite a sharp rise in oil prices driven by escalating tensions with Iran. U.S. stocks tumbled on concerns over energy costs and private credit issues, while President Trump prioritized stopping Iran over price worries. Later, Treasury Secretary Scott Bessent's announcement on Russian oil eased some pressures, pushing Bitcoin toward $72,000.
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Bitcoin climbed back over $77,000 on Wednesday as traders weighed technical support levels against ongoing macroeconomic pressures. The move followed a five-day losing streak and lifted some altcoins alongside major crypto indexes. Analysts highlighted key resistance near $82,500 and stressed the need for renewed ETF inflows to sustain gains.
Following an initial $128 billion crypto market plunge triggered by US and Israeli strikes on Iran, Bitcoin has rebounded toward $67,000 amid Iran's confirmation that the attacks killed Supreme Leader Ayatollah Ali Khamenei. Ethereum surged over 6% to near $2,000 as markets stabilized, despite oil supply fears and inflation concerns.
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Bitcoin climbed to a two-month peak near $78,000, driven by easing geopolitical tensions and growing investor confidence. Ethereum and altcoins such as XRP and BNB also posted gains. Analysts highlight technical indicators suggesting potential for further upside to $84,000.
Bitcoin briefly fell below $80,000 on Thursday as analysts noted rising profit taking among traders. The move came despite recent technical signals pointing to potential upward momentum.
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Bitcoin hovered around $77,700 after a brief drop below $77,000, with analysts pointing to a leverage flush rather than a deeper downturn.