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Bitcoin fell to $76,923 on Tuesday morning, down 2.4% over the past 24 hours after rejecting $79,400 the previous day. The decline came as Brent crude extended a rally to a seventh straight day, while the broader crypto market slid and the top 10 all closed lower over the same period.
Bitcoin has been rejected near $79,000 three times in eight sessions, turning the level into the de facto ceiling of the current trading range. On Monday, bitcoin climbed to $79,399 before reversing through the day.
Other major cryptocurrencies also declined. Ether fell 3.7% to $2,290, XRP slipped 3.2% to $1.39, Solana dropped 3.9% to $84.10, and BNB declined 1.8% to $625. Tron and Dogecoin were the only exceptions within the top 10, which otherwise closed red.
Brent crude rose 1% to above $109 a barrel, extending its rally for a seventh day. The move followed an interim deal proposal from Iran to reopen the Strait of Hormuz that did not advance over the weekend. The White House said US officials were discussing the latest Iranian proposal but maintained “red lines” on any deal to end the eight-week war.
The MSCI Asia Pacific Index was little changed. Japanese stocks received support after the Bank of Japan delivered a 6-3 split decision to keep policy unchanged. The yen strengthened 0.3% to around 159 per dollar.
Analysts are divided on whether bitcoin’s latest rally was driven by renewed spot demand or by a derivatives-driven short squeeze.
Funding rates on perpetual futures across major exchanges remain negative on a 7-day basis at -0.13% per Coinglass. The report noted that this pattern has historically preceded both squeezes and the unwinding of squeezes.
Despite the market pullback, corporate accumulation was highlighted in the report. Strategy bought $3.9 billion of bitcoin in April, described as the firm’s largest monthly accumulation in a year, according to Bloomberg. Japanese company Metaplanet announced a $50 million bond issuance Tuesday to finance additional bitcoin purchases, continuing its use of yen-denominated debt to build one of the largest corporate bitcoin treasuries outside the US.
Attention turns to events scheduled for Wednesday and Thursday. The Federal Reserve announces its policy decision on Wednesday, with traders pricing higher odds of a rate cut after the Justice Department closed its probe into Fed Chair Jerome Powell.
Megacap tech earnings also arrive this week: Alphabet, Microsoft, Amazon, and Meta on Wednesday, and Apple on Thursday. Together, these companies represent roughly a quarter of the S&P 500’s market capitalization.
The report said either a Fed outcome or a strong earnings beat could provide the catalyst needed to push bitcoin decisively above $80,000. Without such a catalyst, the third rejection at $79,000 could increasingly define the upper end of the current range rather than precede a breakout.
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