Bitcoin loses $77,000, ether, solana slide as Hormuz standoff lifts oil to 3-week high

Bitcoin fell to $76,923, down 2.4% in 24 hours, after failing to break past $79,400. Other top cryptocurrencies like Ether, XRP, Solana, and BNB also saw declines. This dip occurred as Brent crude oil extended its rally to a seventh consecutive day, surpassing $109 a barrel, influenced by a stalled Iranian proposal to reopen the Strait of Hormuz. Market analysts are divided on Bitcoin's future: some, like Mike Novogratz, point to returning retail investors, institutional capital, and limited supply as bullish indicators, supported by Santiment data showing whale accumulation. Conversely, CryptoQuant founder Ki Young-Ju suggests the recent rally was primarily driven by a short squeeze in the derivatives market, leaving it vulnerable to a reversal. Negative funding rates on perpetual futures further indicate this vulnerability. Despite these differing views, corporate accumulation continues, with Strategy buying $3.9 billion in April and Metaplanet issuing a $50 million bond for Bitcoin purchases. The upcoming week holds key events, including the Federal Reserve's policy decision and major tech earnings, which could provide a catalyst for Bitcoin to break through the $80,000 resistance level.

(Source：CoinDesk)