Bitcoin's price decline on Tuesday followed its inability to sustain levels above $79,000, marking a crucial resistance point. The cryptocurrency traded at $76,923, down 2.4% over 24 hours, after reaching $79,399 on Monday.
Other major coins such as ether, solana, and BNB also saw significant declines. Meanwhile, Brent crude oil extended its rally to a seventh consecutive day, rising 1% to over $109 a barrel, due to escalating tensions in the Strait of Hormuz.
The MSCI Asia Pacific Index remained stable, supported by the Bank of Japan's decision to maintain its policy unchanged. Market analysts are divided on bitcoin's outlook, with some citing increased retail demand and institutional capital as drivers for further growth, while others point to the role of short covering in the derivatives market. Corporate accumulation of bitcoin continues, with companies such as Strategy and Metaplanet making significant purchases.
The upcoming Federal Reserve policy decision and major tech earnings reports are expected to be key catalysts for the market in the coming days.