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Crypto Markets Rattle As Bitcoin Sinks Under $77K Following Oil Spike
TL;DR
Bitcoin has fallen below $77,000, trading at $76,180, following a spike in crude oil prices. This decline erases recent gains and raises concerns about future price movements.
Key points
- Bitcoin fell to $76,180, below $77,000.
- Crude oil prices surged past $104 a barrel.
- The $77,000 mark is critical in Bitcoin's recent history.
West Texas Intermediate crude
Bitcoin’s technical indicators had just started flashing warning signs when crude oil markets made things worse. The MACD histogram turned red — a signal that buying pressure was fading — right as West Texas Intermediate crude surged past $104 a barrel, rattling risk assets across the board.
Bitcoin Gives Back Recent Gains
BTC had clawed its way above $78,000 earlier this week, briefly restoring confidence among buyers. That recovery is now gone. The cryptocurrency slipped below $77,000 on April 28, trading at $76,180 — its lowest level since April 22, when it had just reclaimed that threshold after weeks of struggling beneath it.
The $77,000 mark carries weight in Bitcoin’s recent history. The asset first broke below it in early February and spent a prolonged stretch under it. A failed retest on April 17 kept sellers in control. The brief breakout on April 22 looked like a turning point. It wasn’t.
For Bitcoin to get back on track, analysts say it needs to retake $77,000 and push through the upper Bollinger Band near $79,850. Until then, the immediate floor sits around $75,490, near the middle Bollinger Band — a level BTC has bounced from before, though holding it is far from guaranteed.
Oil Jumps As Iran Talks Hit A Wall
The backdrop driving the sell-off is a breakdown in US-Iran negotiations. On April 27, Iran put forward a new proposal through Pakistani intermediaries. The offer included reopening the Strait of Hormuz and lifting a US blockade, while asking to push nuclear discussions to a later stage.
BTCUSD trading at $77,753 on the 24-hour chart: TradingView
US President Donald Trump rejected it. His administration made clear that the terms didn’t go far enough — particularly on nuclear weapons, which Trump said Iran could not be allowed to develop.
A planned US delegation trip to Islamabad had already been canceled after earlier Iranian terms were seen as insufficient, with travel security concerns also cited. Indirect back-channel communication continues, but face-to-face talks remain frozen.
Q&A
What caused Bitcoin to drop below $77,000?
Bitcoin's drop below $77,000 was influenced by a spike in crude oil prices, which rattled risk assets and indicated fading buying pressure.
What is the significance of the $77,000 mark for Bitcoin?
The $77,000 mark is significant as it represents a critical threshold that Bitcoin has struggled to maintain, with previous failures to retest this level indicating seller control.
What levels should Bitcoin reach to regain upward momentum?
For Bitcoin to regain upward momentum, it needs to retake $77,000 and push through the upper Bollinger Band near $79,850.
