Bitcoin Slips Below $78K, Altcoins Lag: Oil Rally Amid Hormuz Tensions Weighs On Risk Assets

• Rising tensions near the Strait of Hormuz and developments in Iran talks supported higher oil prices.
• Analysts continue to see upside potential for Bitcoin, with targets above $80,000.
• Liquidations totaled around $300 million, with Ethereum bets accounting for a larger share than Bitcoin.

Bitcoin (BTC) edged lower on Monday morning after Iran peace talks and a fresh escalation in the Strait of Hormuz pushed oil prices higher. 

Bitcoin’s price edged 0.3% lower in the last 24 hours to around $77,800 after crossing $79,000 in the previous week. Retail sentiment around the apex cryptocurrency on Stocktwits trended in ‘bullish’ territory over the past day, accompanied by chatter at ‘normal’ levels. 

Iran has reportedly floated a new proposal to the U.S. to reopen the Strait of Hormuz and end the conflict, while suggesting nuclear talks be delayed. President Donald Trump on Saturday canceled plans to send envoy Steve Witkoff and Jared Kushner for ceasefire talks, saying negotiations could occur by phone, while Iran said no meeting is scheduled.

On Sunday, tensions near the Strait intensified after Iran’s Islamic Revolutionary Guard Corps boarded two container ships. Oil climbed, with WTI and Brent moved 0.5% to around $95 and $100, respectively. 

The United States Oil Fund (USO) moved 0.5% in pre-market trade. Retail sentiment around the fund trended in ‘bearish’ territory over the past day, accompanied by chatter at ‘low’ levels.

Analysts Believe Bitcoin Can Cross $80,000 – Eventually

“The markets are still shaping up for more upside, and it's [Bitcoin] still holding crucial levels,” MN Fund founder Michael van de Poppe wrote in a post on X, “I think that we'll see $85-88K in May and correct/consolidate from there.”

Crypto analyst Ted Pillows stated that Bitcoin remains above the key level of $76,000 after being rejected from the $79,000 to $80,000 band. “As long as the $76,000 support zone holds, Bitcoin could grab the liquidity above the $80,000 level,” he wrote in a post on X.

Cardano, Solana Lead Morning Losses

Cardano (ADA) and Solana (SOL) led losses among the top 10 cryptocurrencies by market capitalization. ADA’s price fell 1.9% in the last 24 hours, while SOL’s price fell 1.6%. Retail sentiment around Cardano remained in ‘bullish’ territory over the past day, while sentiment around Solana flipped to ‘bullish’ from the ‘bearish’ zone. Chatter around both altcoins was at ‘high’ levels. 

Ethereum (ETH), Binance Coin (BNB), and Dogecoin (DOGE) edged 0.6% lower in the last 24 hours. Ethereum’s price held above $2,300, and Dogecoin’s price remained below $0.10. Ripple’s XRP (XRP) fell 0.8%, holding above $1.40.

The overall cryptocurrency market was 0.3% lower at $2.67 trillion. CoinGlass data showed nearly $300 million was liquidated in the last 24 hours, with a near-even split between short and long positions. Bets on Ethereum (ETH) led the liquidation wave with $110 million, followed by Bitcoin (BTC) at $95 million. 

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