The price of bitcoin has fallen on Tuesday after failing to sustain its position above $79,000 for the third time in eight sessions, establishing this level as a key range indicator. On Tuesday morning, bitcoin was trading at $76,923, down 2.4% from the previous day, after reaching $79,399 on Monday and subsequently reversing its gains. Ether fell 3.7% to $2,290, while XRP and solana declined 3.2% and 3.9%, respectively. The top 10 tokens all traded in the red over the past 24 hours, with the exception of TRON and DOGE.
Meanwhile, Brent crude rose 1% to over $109 per barrel, extending its rally to a seventh day following the failure of Iran's interim proposal to reopen the Strait of Hormuz. The MSCI Asia Pacific Index remained relatively stable, with Japanese stocks supported by the Bank of Japan's decision to maintain its policy unchanged. Two opposing views are circulating among market analysts regarding the outlook for bitcoin. Mike Novogratz of Galaxy Digital believes that the combination of retail demand, institutional capital, and limited supply creates a foundation for further growth, citing data showing whales have accumulated over 40,000 BTC in the past two weeks.
In contrast, Ki Young-Ju of CryptoQuant argues that the recent push above $79,000 was driven primarily by a short squeeze in the derivatives market, leaving the market vulnerable to a reversal. Funding rates on perpetual futures remain negative, indicating that shorts are still paying longs to hold positions. Despite these differing views, corporate accumulation of bitcoin continues, with Strategy buying $3.9 billion worth of bitcoin in April, its largest monthly accumulation in a year. Japanese company Metaplanet has also announced a $50 million bond issuance to finance new bitcoin purchases.
The upcoming week is expected to bring significant catalysts, including the Federal Reserve's policy decision and earnings reports from major tech companies, which could potentially push bitcoin's price past $80,000.