Bitcoin Fails to Break Through $80,000, Crypto Market Remains Vulnerable to Correction
Jakarta (ANTARA) - Bitcoin’s price, which has yet to break through the psychological level of $80,000, is seen as an indication that the crypto market remains under pressure.
As of Monday at 12:34 WIB, Bitcoin’s price was recorded down 0.23 percent to $77,861.
Tokocrypto analyst Fyqieh Fachrur in Jakarta on Monday assessed that this pressure is triggered by a combination of geopolitical factors, macroeconomic conditions, and derivative market dynamics that accelerate price corrections, particularly for Bitcoin.
Geopolitical tensions between the United States (US) and Iran are one of the main triggers for the weakening market sentiment.
This situation is also influenced by US President Donald Trump’s policy of extending the ceasefire, which has yet to provide clarity on the direction of relations between the two countries.
“From a technical perspective, Bitcoin’s price movement shows high volatility. After briefly touching levels above $79,000, the price corrected again and closed weaker by around 2 percent in the range of $78,000,” said Fyqieh.
He added that this decline triggered large-scale liquidations in the derivative market, with total positions reaching around $278 million.
The selling pressure from these liquidations accelerates short-term price declines and highlights the fragility of the previous upward momentum.
In line with Bitcoin’s movement, several altcoins also experienced weakening.
Ethereum corrected from its weekly high, while XRP moved limited below the resistance level.
Other assets like Solana, Cardano, and Dogecoin also recorded declines in tandem with reduced investor risk appetite.
On the other hand, Bitcoin’s dominance increased to around 60 percent, signaling a shift in fund allocation to assets considered more defensive.
Market pressure also stems from regulatory uncertainty, particularly in the US. The chances of the CLARITY Act being passed in 2026 have reportedly declined, reflecting ongoing differences in views among policymakers. This also affects overall investor confidence in digital assets.
Fyqieh views the current market weakness as a normal condition amid a combination of global pressures and internal crypto industry dynamics.
“This condition is not only influenced by geopolitical factors but also technical pressures such as large liquidations in the derivative market and profit-taking by short-term investors. This indicates that the market is still in a consolidation phase,” he said.
Nevertheless, he sees the overall crypto market foundation as still quite solid amid short-term pressures.
“As long as Bitcoin can hold above the psychological level of $75,000, recovery opportunities remain open. However, investors need to monitor external factors such as the direction of The Fed’s interest rate policy and geopolitical developments that could trigger volatility,” he said.
To maintain momentum, Bitcoin is assessed to need more consistent strength, especially by holding in the key area of $78,000 to $83,000. Additionally, a sustainable upward trend requires strong liquidity support, stable spot market demand, and participation from retail investors and altcoin movements.
Without such support, price increases could be temporary and vulnerable to corrections.
In the near term, the market is also watching the Federal Open Market Committee (FOMC) agenda on 28-29 April as an important catalyst that could influence the direction of crypto asset movements, especially if the policies taken lean towards being tighter.
Additionally, supply-side pressure continues to loom, where relatively high Bitcoin selling activity by miners could cap price increases if not offset by increased new demand.