The price of Bitcoin has fallen on Tuesday after failing to sustain levels above $79,000, with the cryptocurrency currently trading at $76,923, down 2.4% over the past 24 hours. Other major cryptocurrencies, including Ether, XRP, Solana, and BNB, have also declined.
The surge in oil prices, which have risen to a three-week high due to the Hormuz standoff, has contributed to the decline in cryptocurrency prices. Meanwhile, market analysts are divided on the outlook for Bitcoin, with some predicting further upside due to increasing retail demand and limited supply, while others warn of a potential reversal due to a short squeeze in the derivatives market. Corporate accumulation of Bitcoin continues, with Strategy purchasing $3.9 billion worth of the cryptocurrency in April, and Japanese company Metaplanet announcing a $50 million bond issuance to finance new Bitcoin purchases.
The Federal Reserve's policy decision and megacap tech earnings are expected to be major catalysts for the market in the coming days.