Bitcoin slipped from just below the $80,000 resistance line to around $77,600.

CoinDesk reported that bitcoin fell 0.7 percent since midnight UTC on Wednesday. Bitcoin hit its highest level since January the day before but failed to rise above $80,000. Risk assets broadly weakened after overnight oil prices rose 1.5 percent to $103 a barrel. Oil jumped after reports that the United States seized three Iranian oil tankers in Asian waters, and S&P 500 futures and Nasdaq 500 futures each fell 0.5 percent.

Ether fell 2.5 percent to $2,320 after testing $2,500 over the weekend. The DeFi Select index slid 2.7 percent, the worst performer among major benchmarks, and the bitcoin-heavy CoinDesk20 index fell 1.1 percent.

Still, bitcoin has maintained its move above the $63,000 to $75,000 range that held over the past 2 months. Futures open interest fell to 775,000 BTC from a record level near 800,000 BTC a day earlier, but remained high. With perpetual futures funding rates negative, leveraged bets remain tilted to the downside. That is why some in the market call the rise the “most hated rally.”

The altcoin market failed to keep pace with bitcoin’s rise. CoinMarketCap’s Altcoin Season Index fell to 32, its lowest in the past 10 days. The cumulative volume delta for major altcoins such as XRP, SOL and ETH showed selling dominance, and the only assets showing positive momentum were BTC, M and CRO.

Dogecoin open interest rose above 14 billion tokens, reaching a level seen only once since October last year. By contrast, bitcoin cash, chainlink and litecoin showed outflow trends as open interest fell. On Deribit, bitcoin and ether put options traded at a premium to call options, while demand over the past 24 hours concentrated in bitcoin call options at $80,000 to $85,000. Spark, listed on Upbit, surged more than 70 percent, and Monero rose 3.3 percent. Morpho and Aave fell 4.6 percent and 2.8 percent, respectively, after an exploit involving Kelp DAO.