Bitcoin retreated toward the $77,000 level on Monday after an early advance lost momentum, with higher oil prices and ongoing geopolitical uncertainty dampening broader risk sentiment.
The leading cryptocurrency was last down 0.7% at $77,581.7 by 03:04 ET (07:04 GMT), having earlier reached an intraday peak of $79,461.7.
The asset continues to encounter firm resistance near the $80,000 threshold, with the latest decline following multiple attempts to sustain gains around $79,000.
Early Rally Fades as Oil Prices Stay Elevated
Bitcoin’s initial strength was linked to a report from Axios indicating that Iran had put forward a proposal to the United States to reopen the Strait of Hormuz, potentially postponing nuclear negotiations.
The plan, delivered through intermediaries, briefly improved sentiment by raising expectations of restored flows through the key oil shipping route.
However, the cryptocurrency later surrendered its gains as oil prices remained close to recent highs, reflecting uncertainty over whether Washington would respond positively to the proposal.
Earlier developments also weighed on sentiment, after Donald Trump cancelled a planned diplomatic mission aimed at advancing talks with Iran, suggesting negotiations could instead continue remotely.
Bitcoin had previously drawn support from easing geopolitical tensions earlier in the month, when ceasefire discussions helped lift risk appetite.
Bitcoin Conference 2026 Draws Attention
Focus is also turning to the upcoming Bitcoin Conference 2026, set to begin in Las Vegas later on Monday.
The event is expected to attract a large global audience of investors, developers, and policymakers, with major announcements and keynote speeches often influencing market direction.
Historically, Bitcoin tends to experience heightened volatility around the conference period, with prices frequently rising ahead of the event before encountering profit-taking or consolidation.
Central Bank Decisions in Focus
Investors are also monitoring key central bank meetings this week, particularly from the Federal Reserve and the Bank of Japan, for signals on interest rate policy as inflation concerns persist.
The Federal Reserve is due to announce its decision on Wednesday, in what could be the final meeting chaired by Jerome Powell ahead of an anticipated leadership transition.
Meanwhile, the Bank of Japan began its two-day meeting on April 27, with expectations that policymakers will keep rates unchanged while hinting at a potential increase in the months ahead.
Crypto Market Snapshot: Altcoins Slip
Among other major cryptocurrencies, Ethereum—the second-largest by market value—declined 0.4% to $2,321.45.
XRP, ranked third, fell 0.8% to $1.42.
Solana dropped 1.1%, while Cardano and Polygon each lost 1.5%.
In the meme token segment, Dogecoin edged down 0.6%.