Bitcoin slid to $76,923 on Tuesday morning, down 2.4% over 24 hours after once again failing to hold above the $79,400 level. The repeated rejection reinforces $79,000 as a key resistance zone, with three failed breakout attempts in recent sessions now defining the short-term range.
BTC briefly reached $79,399 on Monday before reversing sharply and extending losses into the Asian session. The weakness was broad-based across major altcoins, with ether falling 3.7% to $2,290, XRP down 3.2% to $1.39, solana sliding 3.9% to $84.10, and BNB easing 1.8% to $625. Most top-10 cryptocurrencies ended lower, with only TRON and DOGE holding gains.
Macro conditions added to the pressure as Brent crude extended its rally to a seventh consecutive day, rising 1% to trade above $109 a barrel. The move reflects ongoing geopolitical tension around the Strait of Hormuz after stalled negotiations over Iran’s proposal, keeping energy supply risks elevated and reinforcing inflation concerns.
Equity markets were largely steady. The MSCI Asia Pacific Index was flat, while Japanese stocks edged higher after the Bank of Japan voted 6–3 to keep policy unchanged. The yen strengthened modestly to around 159 per dollar.
In crypto markets, analysts remain divided on the drivers behind recent price action. Galaxy Digital CEO Mike Novogratz pointed to a return of U.S. retail participation alongside institutional inflows and constrained supply, arguing the broader setup still supports upside. On-chain data from Santiment shows whales have accumulated more than 40,000 BTC over the past two weeks, alongside a rapid shift in sentiment from fear toward FOMO.
However, CryptoQuant founder Ki Young Ju offered a more cautious interpretation, saying the push above $79,000 was largely driven by a derivatives short squeeze rather than sustained spot demand. He warned that once forced covering subsides, the market could be vulnerable if new buyers fail to step in.
Supporting that view, funding rates on perpetual futures remain negative on a 7-day basis at -0.13% according to Coinglass, indicating persistent short positioning and a market still skewed toward bearish hedging—conditions that can precede sharp moves in either direction.
Despite the debate, corporate accumulation continues. Strategy reportedly bought $3.9 billion worth of bitcoin in April, marking its largest monthly purchase in a year. In Japan, Metaplanet also announced a $50 million bond issuance to fund additional bitcoin purchases, extending its debt-financed treasury expansion.
Attention now turns to a major macro catalyst week. The Federal Reserve announces its policy decision on Wednesday, with markets increasingly pricing in easing expectations following developments around the Justice Department’s closure of its probe into Fed Chair Jerome Powell.
Big Tech earnings are also in focus, with Alphabet, Microsoft, Amazon, and Meta reporting midweek, followed by Apple on Thursday. Together, they represent roughly a quarter of the S&P 500’s market capitalization.
Traders say a dovish Fed signal or strong tech earnings could be enough to push bitcoin above $80,000. Without a clear catalyst, repeated rejections near $79,000 may continue to define the top of the current range.
