Bitcoin edged closer to the $80,000 mark on Monday, extending its recent gains as investors reacted to geopolitical developments in the Middle East and continued to rotate back into risk assets.
The world’s largest cryptocurrency rose as much as 1.6 percent to $79,488, its highest level in nearly 12 weeks, before trading around $79,100 in Asian hours. Bitcoin has been steadily climbing in recent sessions, supported by improving sentiment and renewed institutional interest.
The move comes amid developments around tensions involving the Strait of Hormuz, a critical global oil transit route. Reports suggesting that Iran may be open to negotiations helped lift broader market sentiment, with Asian equities advancing and oil prices easing from earlier highs.
Ethereum, the second-largest digital asset, also moved higher, gaining as much as 1.7 percent, reflecting a broader recovery across the crypto market.
Despite the upward momentum, market participants are closely watching the $80,000 level, which is widely seen as a key resistance zone. Analysts note that such psychological thresholds often trigger profit-taking, particularly among recent buyers approaching breakeven levels.
Bitcoin’s latest rally has also been underpinned by technical positioning. Traders have been covering short positions, while institutional flows have turned positive after a prolonged period of outflows earlier this year.
The token is now up around 16 percent in April, putting it on track for its first double-digit monthly gain since May 2025, a sign of renewed strength after a relatively subdued start to the year.
Institutional accumulation has played a key role in supporting prices. Strategy Inc., led by Michael Saylor, has purchased approximately $3.9 billion worth of Bitcoin so far this month, marking its most aggressive buying spree in over a year.
At the same time, demand for US-listed spot Bitcoin exchange-traded funds has rebounded. Net inflows into these ETFs have reached roughly $2.5 billion in April, positioning the month to significantly outperform March and signaling a return of institutional capital to the asset class.
While the near-term trajectory may hinge on geopolitical developments and macro risk sentiment, Bitcoin’s steady climb back toward $80,000 suggests that underlying demand remains intact, even as investors brace for potential volatility around key resistance levels.
