Over the weekend, Bitcoin (BTC) struggled again to break its prolonged trading range, falling below the critical resistance level of $74,000 and recently trading at $70,600. Similarly, Ether (ETH) experienced a decline from its April 11 peak of $2,320 down to $2,190, with little change since midnight UTC.
This downturn coincided with a surge in Brent crude oil prices back over $100 per barrel following U.S. President Donald Trump’s directive for a blockade at the Strait of Hormuz. The ongoing tensions between the U.S. and Iran have significantly influenced risk asset price movements over the past month, resulting in an inverse correlation between U.S. equities, cryptocurrencies, and both oil prices as well as the U.S. dollar.
Currently, Bitcoin and the wider cryptocurrency market continue to oscillate within a trading range established since early February. They have not succeeded in surpassing $75,000 while maintaining a floor above $63,000.