Bitcoin's price has fallen to $76,923 on Tuesday after failing to maintain its position above $79,000, marking a 2.4% decline over the past 24 hours. This downward trend is mirrored in other major cryptocurrencies, including Ether, which dropped 3.7% to $2,290, and Solana, which slipped 3.9% to $84.10. The decline in cryptocurrency prices coincides with a surge in Brent crude oil prices, which rose 1% to over $109 a barrel, extending its rally to a seventh consecutive day. The oil price increase is attributed to the failed proposal to reopen the Strait of Hormuz, leading to heightened tensions in the region.
Meanwhile, market analysts are divided on the outlook for Bitcoin, with some, like Mike Novogratz, predicting further upside due to increased retail demand and limited supply, while others, such as Ki Young-Ju, warn of a potential reversal due to a short squeeze in the derivatives market. The Federal Reserve's policy decision and major tech earnings reports are expected to be key catalysts for the market in the coming days.