Bitcoin edged lower toward the $77,000 mark on Monday, giving up earlier gains as elevated oil prices and ongoing geopolitical uncertainty weighed on overall risk sentiment.
The leading cryptocurrency was last down 0.7% at $77,581.7 by 03:04 ET (07:04 GMT), after briefly reaching an intraday high of $79,461.7.
Momentum remains capped below the key $80,000 level, with repeated attempts to hold above $79,000 continuing to face selling pressure.
Early Strength Reversed as Oil Remains Elevated
Bitcoin’s initial rally followed a report from Axios suggesting Iran had presented a proposal to the United States to reopen the Strait of Hormuz, potentially pushing nuclear discussions to a later stage.
The proposal, delivered via intermediaries, briefly lifted sentiment by raising hopes of restoring flows through the vital oil corridor.
However, those gains faded as oil prices stayed near recent highs, reflecting lingering uncertainty over whether Washington would respond to the proposal.
Earlier developments also weighed, after Donald Trump cancelled a planned diplomatic mission aimed at restarting talks with Iran, indicating that negotiations could instead take place over the phone.
Bitcoin had previously found support earlier in the month, when easing tensions and ceasefire discussions helped revive appetite for risk assets.
Bitcoin Conference 2026 in the Spotlight
Attention is now turning to Bitcoin Conference 2026, which begins later Monday in Las Vegas.
The event is expected to attract a large audience of investors, developers, and policymakers, with major announcements and keynote speeches often influencing short-term market direction.
Historically, Bitcoin has shown heightened volatility around the conference period, often rising ahead of the event before experiencing profit-taking or consolidation.
Central Bank Meetings Take Center Stage
Markets are also closely watching key central bank meetings this week, particularly from the Federal Reserve and the Bank of Japan, for signals on interest rate policy amid ongoing inflation concerns.
The Federal Reserve is set to announce its decision on Wednesday, in what could be the final meeting chaired by Jerome Powell ahead of a widely expected leadership transition.
Meanwhile, the Bank of Japan began its two-day meeting on April 27, with expectations that policymakers will keep rates unchanged while potentially signalling a rate hike in the months ahead.
Crypto Market Snapshot: Altcoins Decline
Among other major cryptocurrencies, Ethereum slipped 0.4% to $2,321.45.
XRP dropped 0.8% to $1.42.
Solana fell 1.1%, while Cardano and Polygon each declined 1.5%.
In the meme token segment, Dogecoin eased 0.6%.
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