Bitcoin's price has fallen to $76,375.93 after failing to sustain above $79,000, with the cryptocurrency trading 2.4% lower at $76,923 on Tuesday morning. Other major coins like ether, solana, and XRP have also declined, with ether down 3.7% to $2,290, XRP slipping 3.2% to $1.39, and solana dropping 3.9% to $84.10. The decline in cryptocurrency prices comes as Brent crude oil prices have risen to a three-week high, extending their rally to a seventh consecutive day.
The increase in oil prices is attributed to the failure of Iran's interim deal proposal to reopen the Strait of Hormuz. Meanwhile, market analysts are divided on the outlook for bitcoin, with some seeing a potential for further upside due to retail demand and institutional capital, while others believe the recent rally was driven by a short squeeze in the derivatives market.
The Federal Reserve's policy decision on Wednesday and megacap tech earnings from major companies like Alphabet, Microsoft, and Apple are expected to be key catalysts for the market in the coming days.