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 traded around $64200 on Monday, little changed for the day but up 3 percent for the week. Surging oil prices linked to U.S.-Iran strikes and a semiconductor selloff triggered by a new Chinese AI model weighed on the market.
Bitcoin climbed back above $65,000 on June 22 after touching lows near $63,000, supported by a sharp drop in crude oil prices.
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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 continued trading through the weekend while other major markets remained closed, as tensions in the Strait of Hormuz disrupted oil flows. The digital asset absorbed the initial market reaction to the geopolitical developments.
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Bitcoin dropped to its lowest level since late March, trading near $65,000 as selling pressure intensified. The decline coincided with rising oil prices and weakness in U.S. stocks following Middle East developments. Ethereum also fell sharply, testing support near $1,800.
Bitcoin slipped back to around $62,000 on Wednesday after the US and Iran exchanged airstrikes and President Donald Trump declared the ceasefire over. The move followed a surge in oil prices above $74 a barrel. Renewed geopolitical tensions weighed on risk assets including cryptocurrencies.
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Bitcoin slipped below $63,000 on Friday as a global selloff in semiconductor and AI-related stocks spread to crypto markets. Renewed geopolitical tensions involving the United States, Iran, and China added to the pressure on risk assets.