Bitcoin busted through $80,000 for the first time since January. Here's the crucial level it needs to hold right now.

MW Bitcoin busted through $80,000 for the first time since January. Here's the crucial level it needs to hold right now.

By Barbara Kollmeyer

Bitcoin had a surprise rally on Monday.

Bitcoin briefly pushed past the psychologically important $80,000 level for the first time since the start of the year on Monday.

Bitcoin (BTCUSD) touched $80,595 in Asian trading hours, but was last trading around $78,950. The top digital asset was losing ground in the run-up to the outbreak of the Iran war, but has recently struggled to attract investors, down over 8% for 2026. Bitcoin closed at $83,817 on Jan. 30. It has traded under $80,000 since.

Nic Puckrin, macro analyst and co-founder of Coin Bureau, credited bitcoin's brief surge to lower oil prices. Global benchmark Brent (BRN00) moved to under $110 a barrel earlier on Monday after President Donald Trump offered to guide ships through the Strait of Hormuz. Conflicting reports about a possible strike on a U.S. Navy ship by Iran briefly sent Brent climbing again, though it has since settled back to $110 a barrel.

Oil and bitcoin have been "strongly inversely correlated throughout the war," and surging Brent prices will keep pressure on the crypto, he told clients in a note. "If bitcoin can't hold above $79,500 today, a meaningful move higher becomes less likely."

Matt Maley, chief market strategist at Miller Tabak and Co., said bitcoin needs to break above $80,000 in a "meaningful way," and then sustain that breakout to classify as a bullish signal for the cryptocurrency. It doesn't matter that investors have cooled on the asset class.

"Once a breakout is registered in those momentum-based algos, it should cause them to send a lot of money in the direction of that asset class," Maley told clients. While the wait for that breakout remains, "the potential is certainly out there right now."

Bitcoin's flirtation with $80,000 sent related stocks higher on Monday, with shares of Coinbase (COIN) up 3.8%, Robinhood Markets (HOOD) over 2% and Strategy up 2.5%. Robinhood and other retail trading platforms have seen bitcoin trading volumes tumble, even though the price of bitcoin gained a 12% in April.

-Barbara Kollmeyer

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

May 04, 2026 09:26 ET (13:26 GMT)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Tiger Brokers

Bitcoin busted through $80,000 for the first time since January. Here's the crucial level it needs to hold right now.

At the request of the copyright holder, you need to log in to view this content

Most Discussed