Bitcoin hovered near $77,800 on Thursday, holding modest daily gains but retreating from a recent move toward the $80,000 mark.

The asset was last trading at $77,794, up 0.4% over the past 24 hours, after touching $79,388 on Wednesday before easing lower overnight. A session low of $77,464 set earlier in the day leaves a roughly $1,900 trading range.

Altcoins showed continued weakness. Ethereum slipped 0.7% to $2,344, XRP dropped 1.7% to $1.42, and Solana fell 1.5% to $85.83. BNB also declined 0.6% to $635.

In macro markets, oil remained elevated, with Brent crude holding above $95 per barrel amid ongoing geopolitical tensions. The U.S. maintained its naval blockade around Iranian-linked shipping, while Iran continued restricting access through the Strait of Hormuz. Reports indicated Iranian gunboats fired on commercial vessels midweek.

Diplomatic momentum remains limited. A ceasefire announced on April 7 by Donald Trump is still in effect, but negotiations have stalled after JD Vance canceled a planned Islamabad trip when Iran declined to engage. White House Press Secretary Karoline Leavitt said no deadline has been set for a response.

Market structure points to a bitcoin-led move. BTC is up roughly 4% on the week, while most major altcoins have traded flat or lower, suggesting limited participation beyond bitcoin.

Lukas Enzersdorfer-Konrad argued the recent price action reflects increasing market maturity, supported by institutional demand and clearer regulation.

Still, derivatives data paints a more cautious picture. Funding rates have remained negative for nearly 47 consecutive days, signaling persistent bearish positioning among leveraged traders.

A break below $76,000 would raise the likelihood that the $79,388 level marked a near-term top, with further upside dependent on either easing geopolitical risks or a shift in derivatives sentiment that draws fresh capital into the market.