Bitcoin Surges Past $77,000 Amid Oil Price Crash and Asian Market Gains
Bitcoin price above $77,000 is where the world’s leading cryptocurrency found itself on Monday morning, drawing attention from traders watching both the crypto and traditional finance markets for direction.
According to CoinDesk data, Bitcoin was trading near $77,200 at around 6:35 UTC, up 0.4% from midnight UTC, holding just above its widely tracked 50-day simple moving average of approximately $76,940. That level is closely monitored by chart analysts, with sustained trading above it widely regarded as a bullish signal.
Other major cryptocurrencies also edged higher. XRP and Solana (SOL) rose 0.6% or more, while Ether (ETH) gained 0.4%, though all three continued trading below their respective 50-day moving averages, lagging Bitcoin on this key metric.
The broader market lift came from a dramatic move in energy markets. Futures tied to West Texas Intermediate crude oil dropped more than 5% to around $91 per barrel, extending a steep slide from last Wednesday’s high above $104. The fall triggered a wave of optimism across Asian stock exchanges. India’s Nifty climbed over 1%, Japan’s Nikkei rose nearly 3% in early trade, and Australia’s S&P/ASX 200 added 0.4%.
The catalyst? Reports of a possible deal to reopen the Strait of Hormuz. The strategic waterway accounted for over 20% of global oil flows before the Iran war began in late February, and weekend reports indicated a reopening agreement was in its final stages. Iran’s IRGC claimed to have coordinated passage of over 20 tankers through the strait last week, though that volume remains well below pre-war levels.
U.S. Secretary of State Marco Rubio said Washington and Iranian negotiators have “a pretty solid thing on the table,” suggesting a deal to end the conflict could be reached as early as Monday, while warning that the U.S. would pursue other means if diplomacy fell short.
Despite Bitcoin price holding above $77,000, the mood among analysts remains cautious. Spot Bitcoin ETFs have recorded more than $2 billion in outflows over the past two weeks. Timothy Misir, Head of Research at BRN, noted that the critical signal for crypto right now is whether those ETF outflows begin to slow, warning that sustained institutional redemptions would make every rally harder to hold.
India-based crypto exchange CoinSwitch, registered with the Financial Intelligence Unit (FIU), added that the Bitcoin bounce toward $77,000 was sentiment-driven. The exchange flagged that 18,528 BTC moved net into centralized exchanges, pointing to potential sell-side pressure, and stressed that full risk-on sentiment would likely only follow a finalized U.S.–Iran peace deal.
For now, Bitcoin price above $77,000 is holding its ground, but markets are watching diplomacy, oil, and institutional flows before deciding what comes next.
