Bitcoin's price has fallen to $78,688.88 on Tuesday after struggling to maintain its position above $79,000. The cryptocurrency had previously reached $79,399 on Monday but was unable to sustain the gain. Other major cryptocurrencies such as Ether, XRP, Solana, and BNB also experienced declines, with the entire top 10 tokens trading in the red.
The rise in oil prices, which have been increasing for seven consecutive days, is attributed to the failure of Iran's proposal to reopen the Strait of Hormuz. Meanwhile, market analysts are divided on the outlook for Bitcoin, with some predicting further upside due to increased retail demand and limited supply, while others believe the recent surge was driven by a short squeeze in the derivatives market.
Corporate accumulation of Bitcoin continues, with companies such as Strategy and Metaplanet investing heavily in the cryptocurrency. The upcoming Federal Reserve policy decision and tech earnings reports are expected to be major catalysts for the market in the coming days.