The price of bitcoin is currently experiencing a downturn after failing to maintain its position above $79,000. The cryptocurrency's value has been defined by this level, having attempted to surpass it three times in eight sessions. On Tuesday morning, bitcoin was trading at $76,923, marking a 2.4% decrease over the past 24 hours.
Other cryptocurrencies, including ether, XRP, solana, and BNB, have also seen significant declines. In contrast, Brent crude oil has risen by 1% to over $109 per barrel, driven by the failure of Iran's proposal to reopen the Strait of Hormuz. The global market is awaiting the US Federal Reserve's policy decision and major tech companies' earnings reports, which could potentially impact the cryptocurrency market.
Analysts are divided on the future trajectory of bitcoin, with some predicting further upside due to increased retail demand and limited supply, while others warn of a potential reversal due to a short squeeze in the derivatives market.