Bitcoin fell to around $77,000 on Monday after failing to hold onto its early rally, as higher oil prices and ongoing geopolitical tensions weighed on broader risk appetite.
The world's largest cryptocurrency traded down 0.7% at $77,581.70 by 11:04 (Saudi time), after briefly touching its highest level of the day at $79,461.70.
Bitcoin is facing strong resistance around the key $80,000 level, and the pullback comes after repeated bounces near $79,000.
Bitcoin erases early gains amid rising oil prices
The initial gains were fueled by a report from Axios that Iran had offered the United States a proposal to reopen the Strait of Hormuz, which could delay nuclear negotiations to a later stage.
The proposal, which was conveyed through intermediaries, raised some hopes of restoring flows through the vital oil transit route.
However, Bitcoin relinquished its gains, with oil prices remaining near multi-week highs amid uncertainty over whether Washington would accept the proposal.
Earlier, US President Donald Trump cancelled a planned trip by an envoy aimed at boosting talks with Iran, saying negotiations could continue by phone.
Bitcoin had previously benefited from optimism surrounding ceasefire talks earlier this month, when easing tensions supported a recovery in risk appetite.
Bitcoin Conference 2026 in Focus
The world's largest Bitcoin gathering, Bitcoin 2026, kicks off in Las Vegas later on Monday.
The event is expected to attract tens of thousands of investors, developers and policymakers, with high-profile speakers and industry announcements often shaping sentiment.
Historically, Bitcoin has seen increased volatility around the conference period, with prices often rising ahead of the event driven by optimism before facing profit-taking or consolidation.
