Bitcoin Drops Below $77,000 as Oil Rally Pressures Crypto Market

Bitcoin slipped below $77,000, trading near $76,923, marking a 2.4% decline over 24 hours after failing to hold gains near $79,400. The level has now rejected price three times in eight sessions, reinforcing its role as the upper boundary of the current trading range.

Major cryptocurrencies followed the downward move, with Ether falling 3.8% to $2,290, Solana dropping 3.9% to $84.10, XRP sliding 3.2% to $1.39. Most top assets closed the day in negative territory.

Rising Oil Prices and Macro Events Add Market Pressure

Global market pressure increased as Brent crude climbed above $102 per barrel, extending gains to a seventh consecutive day amid continued tensions surrounding the Strait of Hormuz.

Market sentiment remains divided. Some analysts point to renewed retail and institutional demand, supported by whale accumulation of more than 40,000 BTC in recent weeks. Others argue the recent rally was largely driven by derivatives short covering, with negative funding rates near -0.13% indicating ongoing volatility risk.

Upcoming Federal Reserve policy decisions and major technology earnings reports are expected to determine whether Bitcoin can break above $80,000 or remain locked within its current range.

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.