Bitcoin Retreats from $80K as Altcoin Prices Stagnate

Bitcoin's price retreated from $80K on Thursday morning as it traded at $77,794. This came after the cryptocurrency approached its peak of $79,388 reached the previous evening. The retreat was attributed to traders taking profits following Bitcoin's rise.

The top-10 market showed a mixed picture, with most altcoins either flat or negative. Ethereum fell 0.7% to $2,344, XRP declined 1.7% to $1.42, and SOL dropped 1.5% to $85.83. Bitcoin's 24-hour range spanned roughly $1,900.

Bitcoin's funding rates in derivatives have remained negative for 47 consecutive days, a bearish positioning streak on record. This suggests that the rally is not being carried by leveraged longs. Analysts said a drop below $76,000 would confirm that $79,388 marked the top of the current leg.