Crypto Markets Remain Sluggish Ahead of Good Friday Amid Rising Oil Prices and Geopolitical Tensions

By Francisco Rodrigues (All times ET unless otherwise stated) The price of Bitcoin (BTC) is currently hovering around $71,150.78, stuck in a narrow range near $66,600 as the Good Friday holiday approaches, with prices being influenced by ongoing geopolitical tensions and shifting macroeconomic expectations. Although Bitcoin experienced a slight increase over the last 24 hours, it was unable to break through the $67,000 barrier. This struggle comes as U.S. President Donald Trump has adopted a tougher stance on Iran, threatening the country's infrastructure. The price of Brent crude has reached $120 per barrel on spot markets, a level not seen since 2008, due to the ongoing crisis and its impact on the Strait of Hormuz, a vital artery for global oil shipping that has been effectively shut down. The surge in energy prices has led to increased inflation expectations, undermining the case for interest rate cuts, which had been a key factor supporting Bitcoin's recent rally. Inflation in Europe has already risen to 2.5%, driven primarily by energy costs. This pressure has exposed a divide in market structure. While institutional inflows into Bitcoin ETFs have remained consistent, with $22 million in net inflows this week, data from CryptoQuant indicates that total apparent demand has turned negative, with large holders distributing more than they accumulate. According to the data, wallets holding between 1,000 and 10,000 BTC have shed nearly 188,000 BTC since last year's peak. Almost half of all Bitcoin in circulation is currently trading at a loss, based on current prices. As the long weekend approaches, liquidity is expected to remain low, leaving Bitcoin vulnerable to potentially higher volatility based on developments in the Middle East or macro-related statements. It is essential to stay alert and monitor the situation closely. For more in-depth analysis of today's activity in altcoins and derivatives, please refer to Crypto Markets Today. Key Events to Watch: For a comprehensive list of events this week, please see CoinDesk's "Crypto Week Ahead". Token Events: Please see CoinDesk's "Crypto Week Ahead" for a more detailed list of events this week. Conferences: Refer to CoinDesk's "Crypto Week Ahead" for a comprehensive list of events this week. Market Movements: Bitcoin Statistics: Technical Analysis: Crypto Equities: Crypto Treasury Companies: ETF Flows: Spot BTC ETFs: Spot ETH ETFs: Source: Farside Investors Overnight Developments: A French ship has crossed the Strait of Hormuz in the first Western European transit during the Iran war (euronews): This development could encourage other carriers to resume operations if the corridor proves reliable in the coming days, following Iran's deputy foreign minister Kazem Gharibabadi's announcement of a deal with Oman to secure traffic through the Strait of Hormuz. The U.S. has repatriated a Chinese drug fugitive, marking a rare move that signals stabilizing ties ahead of the planned Trump-Xi summit next month (The Wall Street Journal). Iran has targeted Gulf energy sites, with Trump warning of further attacks (Bloomberg): Iran has struck more sites in Arab Gulf states, including in Kuwait, hours after Trump issued fresh threats against Iranian infrastructure to pressure Tehran into peace negotiations. Japan has turned up the heat on FX, signaling readiness to act as volatility rises (Reuters): The yen, trading near the psychologically key 160-per-dollar mark, has lingered at levels that stoke concerns of market intervention, highlighting growing unease over the speed and scale of its decline.