Crypto Markets Remain Sluggish Ahead of Good Friday Amid Oil and Macro Uncertainty

By Francisco Rodrigues (All times ET unless indicated otherwise) The bitcoin price, currently at $71,029.84, remains confined to a narrow range near $66,600 as the cryptocurrency market approaches the Good Friday holiday. Geopolitical tensions and shifting macroeconomic expectations are keeping prices in check. Over the last 24 hours, bitcoin has experienced a slight uptick but failed to surpass the $67,000 threshold. This struggle comes as U.S. President Donald Trump adopts a more aggressive stance towards Iran, threatening the country's infrastructure and exacerbating market uncertainty. The ongoing crisis has driven Brent crude prices to $120 per barrel, a level not seen since 2008, as the Strait of Hormuz, a critical global oil shipping route, remains effectively shut down. The resulting surge in energy prices has lifted inflation expectations, undermining the case for interest rate cuts that had supported bitcoin's recent rally. European inflation has already risen to 2.5%, primarily driven by energy costs. This pressure has exposed a divide in market structure. While institutional inflows into bitcoin ETFs have remained steady, 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 to 10,000 BTC have shed nearly 188,000 BTC since the peak last year. Approximately half of all circulating bitcoin is currently trading at a loss, based on the current prices. As the market heads into the long weekend, liquidity is expected to remain low, leaving bitcoin vulnerable to higher volatility triggered by developments in the Middle East or macro-related statements. It is essential to stay alert to these potential market movements. For further analysis of today's altcoin and derivatives activity, see Crypto Markets Today. Key Events to Watch: For a comprehensive list of events this week, refer to CoinDesk's "Crypto Week Ahead". Token Events: See CoinDesk's "Crypto Week Ahead" for a more detailed list of events this week. Conferences: Please consult 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), which could encourage other carriers to resume operations if the corridor proves reliable in the coming days. This move follows 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 cooperation ahead of the planned Trump-Xi summit next month (The Wall Street Journal). Iran has targeted Gulf energy sites, including sites in Kuwait, hours after Trump issued fresh threats against Iranian infrastructure to pressure Tehran into peace negotiations (Bloomberg). Japan has signaled its readiness to intervene in the FX market as volatility rises, with the yen trading near the psychologically key 160-per-dollar mark (Reuters).