Bitcoin retreated below the $77,000 mark on Monday, pulling major altcoins into negative territory, as escalating tensions in the Middle East pushed global oil prices to multi-week highs.
According to CoinDesk, Bitcoin initially climbed to an intraday peak of $79,399 before reversing course and settling in the $76,000 range. The pullback comes amid growing caution across financial markets.
Altcoins mirrored the downturn. Ethereum declined by 1.4% over the past 24 hours to trade near $2,290 on Tether pairs, while XRP slipped 1.9% to around $1.39.
In commodities, oil prices extended their rally, underscoring the broader risk-off sentiment. Brent crude briefly surged past $109 per barrel, marking its seventh consecutive day of gains and the highest level in three weeks. The spike followed the collapse of a second round of negotiations between the United States and Iran, raising concerns over potential supply disruptions through the strategically critical Strait of Hormuz.
Investor attention is now shifting to upcoming macroeconomic catalysts, particularly the Federal Reserve’s policy decision at the Federal Open Market Committee meeting, alongside earnings reports from major technology firms. Analysts suggest Bitcoin could attempt to break above $80,000 if policy signals and corporate results exceed expectations. Failing that, the $79,000 level may act as a near-term ceiling.
