Bitcoin fell 0.7% on Thursday, pulling back to around $77,600 after sellers stepped in just beneath the $80,000 level — the highest point the asset had reached since January — stalling what had looked like the first serious breakout attempt of the year.
The retreat came alongside a 1.5% surge in oil prices to $103 per barrel, triggered by reports that U.S. forces had seized three Iranian tankers in Asian waters. The ensuing risk-off pressure hit both equities and crypto, amplifying selling across digital assets heading into the weekend.
Bitcoin’s dominance climbed from 52% to 55.3% as capital rotated out of altcoins and into the benchmark asset — a pattern that typically marks defensive repositioning during broader market uncertainty. CoinMarketCap’s Altcoin Season index fell to 32 out of 100, its lowest reading in 10 days. CoinDesk’s DeFi Select Index was the worst-performing benchmark of the session, shedding 2.7% since midnight UTC. Solana led losses among top-10 assets, dropping 2.5% to $85.74 after failing to hold the $88 support zone.
Derivatives data offers a more nuanced read. Open interest on Deribit remains elevated, with bullish call demand concentrated at the $80,000–$85,000 strikes — yet put options continue to price at a premium over equivalent calls, signaling residual downside concern despite the constructive positioning. Crucially, funding rates have turned negative across major perpetual venues, creating the conditions for a potential short squeeze around today’s approximately $10 billion combined BTC and ETH options expiry.
One notable outlier in an otherwise risk-off session: Spark Protocol’s SPK token surged more than 70% after South Korea’s Upbit announced a KRW-denominated listing, with 24-hour trading volume exceeding $650 million. The move was amplified by more than $1.4 billion in capital rotation from Aave following the KelpDAO exploit, positioning Spark as the primary DeFi safe-haven trade of the week.
Heading into the weekend, the key structural support sits around $77,000. A weekly close above that level keeps the broader uptrend intact. A sustained break above $80,000 on meaningful volume remains the trigger for the next directional leg.
