The price of Bitcoin has fallen to $76,923 on Tuesday, marking a 2.4% decline over the past 24 hours, after failing to hold above $79,000 for the third time in eight sessions. This level is now a key defining point for the range. Other major cryptocurrencies, such as ether, solana, and BNB, also saw significant declines. Meanwhile, Brent crude oil prices rose 1% to above $109 a barrel, driven by the failure of Iran's interim deal proposal to reopen the Strait of Hormuz.
Two differing views on the bitcoin market are emerging among analysts. On one hand, Galaxy Digital's Mike Novogratz believes that the combination of retail demand, institutional capital, and limited supply will drive further upside.
On the other hand, CryptoQuant's Ki Young-Ju argues that the recent push above $79,000 was primarily driven by a short squeeze in the derivatives market, leaving the market vulnerable to a reversal. Despite these differing views, corporate accumulation of bitcoin continues, with Strategy buying $3.9 billion worth of bitcoin in April, the largest monthly accumulation in a year. The week's key catalysts, including the Federal Reserve's policy decision and megacap tech earnings, are expected to arrive on Wednesday and Thursday, and could potentially push bitcoin past $80,000.