Bitcoin’s rally toward $80,000 stalled on Monday, with prices retreating to around $76,600 as geopolitical uncertainty and rising oil prices weighed on market sentiment.

After briefly touching its highest level since early February in overnight trading, BTC reversed during the U.S. session, slipping about 1.5% over the past 24 hours. The broader crypto market followed lower, with ether (ETH), XRP and solana (SOL) each declining roughly 3%, while the CoinDesk 20 Index fell around 2%.

The pullback coincides with renewed concerns over U.S.-Iran relations and ongoing disruption in the Strait of Hormuz, a key global oil transit route. Reports indicate Iran has proposed halting attacks on shipping in exchange for concessions, including lifting the U.S. naval blockade and delaying nuclear talks. However, uncertainty persists after plans to send envoys for negotiations were reportedly scrapped, leaving the outlook unclear.

Oil markets reacted sharply, adding pressure to risk assets. Brent crude surged more than 3% to approximately $107 per barrel, while West Texas Intermediate rose 2.6% to around $97.

In equities, the Nasdaq edged 0.3% lower from recent highs, while the S&P 500 remained flat ahead of a key earnings week featuring major technology companies such as Alphabet, Meta, Microsoft and Apple.

Crypto-related stocks also declined. Shares of Coinbase fell about 1.5%, Circle dropped 3.5%, and Galaxy Digital slid nearly 6%.

Despite continued inflows from institutional investors, bitcoin’s internal dynamics suggest limited momentum. Analysts at Bitfinex said profit-taking by short-term holders is offsetting fresh demand from ETF investors and Strategy (MSTR), preventing a sustained breakout.

Given this balance, the near-term outlook points to consolidation. Bitfinex analysts said bitcoin is likely to remain range-bound or potentially drift toward the $75,000 level unless it can decisively break above $80,000—a move that would signal a more durable bullish trend.

For now, bitcoin remains in a consolidation phase, with macro headwinds and ongoing selling pressure continuing to cap upside.