The world’s largest cryptocurrency was last down 0.5% at $76,377.5
Bitcoin dropped below $77,000 on Tuesday after another failed breakout attempt, as a continued impasse between Iran and the U.S. and caution ahead of central bank meetings dented risk appetite.
The world’s largest cryptocurrency was last down 0.5% at $76,377.5 by 21:38 GMT.
The crypto had briefly climbed above the $79,000 level on Monday, but failed to sustain those gains, as traders locked in profits following repeated rejections near resistance levels.
Bitcoin has shown remarkable resilience since hitting multi-month lows around $60,000 in early February, and there’s been a noticeable improvement in sentiment towards it. But it appears to have lost some upside momentum as it pushes towards $80,000, David Morrison, senior market analyst at Trade Nation, said.
Could this prove to be a significant level of resistance, suggesting that a top is in for now? Or is Bitcoin merely consolidating and building momentum for another push higher?, Morrison asked.
Oil prices jumped on Tuesday, with both benchmark contracts at one point topping $100 a barrel, as disruptions in the Strait of Hormuz continued to roil energy markets.
The supply concerns have kept crude elevated, stoking inflation fears and reducing appetite for risk-sensitive assets such as cryptocurrencies.
Sentiment was further dampened by a Wall Street Journal report that OpenAI had missed internal revenue and user growth targets ahead of a potential initial public offering. The report raised questions about the sustainability of the rapid investment cycle in artificial intelligence.
That has broader implications for cryptocurrencies, as enthusiasm around AI-linked innovation has been a key pillar supporting speculative demand across digital assets.
Despite the near-term pressure, Bitcoin continues to find underlying support from institutional interest.
Meanwhile, the Bitcoin 2026 Conference started in Las Vegas on Monday, an event that has drawn strong industry participation and can inject short-term volatility into prices.
Comments (0)
Average Rating: No ratings yet/5 (0 reviews)
No comments yet. Be the first to comment!