Bitcoin edged higher on Monday, trading near $77,200 at 6:35 UTC, according to CoinDesk data. The move left the largest cryptocurrency up 0.4% from midnight UTC and just above its closely watched 50-day simple moving average at roughly $76,940. Traders often treat that line as a key technical marker, and a sustained move above it is typically seen as constructive for price action.
Oil slides sharply and Asian equities rebound
The advance in bitcoin came as broader risk sentiment improved across Asia. Futures linked to West Texas Intermediate crude fell more than 5% to around $91 per barrel, extending a steep retreat from last Wednesday’s high above $104. Asian stock markets moved higher alongside the drop in oil: India’s Nifty gained more than 1%, Japan’s Nikkei rose nearly 3% in early trading, and Australia’s S&P/ASX 200 added 0.4%.
The shift followed weekend reports that a deal to reopen the Strait of Hormuz was in its final stages. Before the Iran war began in late February, the waterway handled more than 20% of global oil flows. Last week, Iran’s IRGC said it had allowed passage for more than 20 tankers through the strait, though that remained well below pre-war volumes.
Altcoins rise, but still trail bitcoin on technical levels
Other major cryptocurrencies also moved modestly higher. XRP and Solana (SOL) each gained at least 0.6%, while Ether (ETH) added 0.4%. Even so, all three continued to trade below their own 50-day moving averages, leaving bitcoin in a relatively stronger technical position on that measure.
ETF outflows keep analysts cautious
That strength has not erased concerns around fund flows. Analysts pointed to more than $2 billion in spot bitcoin ETF outflows over the past two weeks, a figure that continues to weigh on sentiment. Timothy Misir, head of research at BRN, said the main signal for crypto is whether ETF outflows begin to slow. In his view, bitcoin can absorb some institutional selling if stablecoin liquidity stays firm and long-term holders remain patient, but continued ETF redemptions would make rallies harder to sustain.
India-based FIU-registered exchange CoinSwitch said a finalized U.S.-Iran peace deal would be needed for gains to last. U.S. Secretary of State Marco Rubio said Washington and Iranian negotiators had “a pretty solid thing on the table” and that a deal to end the war between the two countries could be reached on Monday. He added that the U.S. was prepared to exhaust diplomatic options, while leaving open other means if an acceptable deal was not reached.