The price of bitcoin has fallen on Tuesday after failing to maintain its position above $79,000 for the third time in eight sessions, establishing this level as a defining factor in the current range. 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.
Other major cryptocurrencies, including ether, XRP, solana, and BNB, have also experienced significant declines, with losses ranging from 1.8% to 3.9%. The only exceptions were TRON and DOGE, which managed to avoid the downward trend.
The surge in oil prices, with Brent crude rising 1% to over $109 per barrel, has been attributed to the failure of Iran's interim deal proposal to reopen the Strait of Hormuz. This development has led to a seventh consecutive day of oil price increases.
The MSCI Asia Pacific Index remained relatively stable, with Japanese stocks receiving support from the Bank of Japan's decision to maintain its policy unchanged. The yen strengthened by 0.3% to approximately 159 per dollar.
Market analysts are offering differing interpretations of the bitcoin market trends. Mike Novogratz of Galaxy Digital believes that the return of U.S. retail investors, combined with institutional capital and limited supply, creates a foundation for further growth. In contrast, CryptoQuant's founder, Ki Young-Ju, argues that the recent push above $79,000 was primarily driven by a short squeeze in the derivatives market rather than sustained spot demand, leaving the market vulnerable to a reversal once the squeeze is exhausted.
Despite these differing views, corporate accumulation of bitcoin continues, with companies such as Strategy and Metaplanet making significant investments in the cryptocurrency. The upcoming week is expected to bring key catalysts, including the Federal Reserve's policy decision and the release of earnings reports from major tech companies, which could potentially impact the bitcoin market.