Bitcoin Pulls Back Below $77,000 After Failed Breakout
Bitcoin slipped below the $77,000 level on Tuesday following another unsuccessful attempt to break higher. The move comes as rising oil prices and investor caution ahead of major central bank decisions weighed on overall market sentiment.
At around 09:45 ET (13:45 GMT), Bitcoin was trading approximately 1.9% lower at $76,299.8. The cryptocurrency had briefly surged above $79,000 on Monday but failed to maintain momentum, as traders took profits near key resistance levels.
Oil Surge Above $110 Pressures Risk Assets
Energy markets added further pressure, with Brent crude climbing above $110 per barrel amid ongoing disruptions in the Strait of Hormuz. Supply concerns have kept oil prices elevated, fueling inflation fears and dampening demand for risk-sensitive assets like cryptocurrencies.
Donald Trump reportedly reviewed a proposal from Iran regarding the reopening of the strategic waterway. However, skepticism remains over Tehran’s intentions, particularly as geopolitical tensions persist.
At the same time, a report involving OpenAI missing internal revenue and user growth targets ahead of a potential IPO added to market unease. This development raised concerns about the sustainability of the current AI-driven investment cycle, which has been a major driver of speculative demand across crypto markets.
Central Bank Decisions Take Center Stage
Investor focus is now shifting toward a series of key monetary policy meetings this week. The Bank of Japan left interest rates unchanged, highlighting ongoing concerns about inflation, particularly due to rising energy costs.
Markets are closely watching upcoming decisions from the Federal Reserve, the European Central Bank, and the Bank of England. These announcements are expected to provide further clarity on interest rate direction and global liquidity conditions.
Institutional Demand and Bitcoin 2026 Conference
Despite short-term volatility, Bitcoin continues to receive support from institutional investors. The Bitcoin 2026 Conference in Las Vegas, which began on Monday, is also drawing attention, as such events often influence short-term price action due to increased industry participation.
Block Reports $2.2 Billion in Bitcoin Holdings
Block Inc., led by Jack Dorsey, revealed it held 28,355 Bitcoin at the end of March in its first proof-of-reserves report.
These holdings were valued at approximately $2.2 billion. Around 19,357 Bitcoin (worth roughly $1.5 billion) were held on behalf of customers via Cash App and Square, while 8,997 Bitcoin (about $692 million) were owned directly by the company.
Altcoins Follow Bitcoin Lower
The broader cryptocurrency market also moved lower, with most altcoins trading in negative territory.
Ethereum declined 1.6% to $2,276.44, while XRP dropped 1.4% to $1.38.
Solana fell 1.6%, and both Cardano and Polygon recorded modest losses.
Among meme coins, Dogecoin stood out with a 0.8% gain.
