The price of bitcoin has fallen to $76,292.79 on Tuesday, after failing to maintain its position above $79,000 for the third time in eight sessions, thereby establishing this level as a defining point for the range. On Tuesday morning, the cryptocurrency was trading at $76,923, down 2.4% from the previous day, having reached $79,399 on Monday before reversing its gains.
Other major cryptocurrencies, including ether, XRP, solana, and BNB, have also seen significant declines, with the exception of TRON and DOGE. The surge in Brent crude oil prices to above $109 a barrel, driven by the failure of Iran's proposal to reopen the Strait of Hormuz, has contributed to the decline in cryptocurrency prices. Meanwhile, market analysts are divided on the outlook for bitcoin, with some citing the return of retail investors and limited supply as drivers for further growth, while others point to the role of short squeezes in the derivatives market and the potential for a reversal. The Federal Reserve's policy decision and major tech earnings announcements are expected to be key catalysts for the market in the coming days.