Bitcoin missed another breakout attempt over the weekend, leaving crypto markets muted as a spike in oil prices rattled risk appetite.
BTC failed to clear the monthslong ceiling near $74,000 and slid back to trade around $70,600. Ether and the wider altcoin market followed suit: ETH fell from an April 11 peak of $2,320 to roughly $2,190 and has been little changed since midnight UTC.
The catalyst for the risk-off move was a sharp rebound in Brent crude, which climbed back above $100 a barrel after U.S. President Donald Trump ordered a blockade of the Strait of Hormuz — a key shipping chokepoint for global oil flows. The renewed tension with Iran has been a dominant driver of markets over the past month, pushing oil higher and prompting investors to rotate out of risk assets.
Cryptocurrencies have shown a clear inverse relationship with oil and the U.S. dollar in recent weeks: as crude rises, equities and crypto have tended to lag. For now, Bitcoin and the broader market remain trapped in a trading range that has held since early February, repeatedly failing to take out the $75,000 ceiling while finding support above about $63,000.
Traders will be watching geopolitical developments around the Strait of Hormuz and oil-market dynamics closely — any further escalation could prolong the current consolidation or drive another round of volatility across crypto markets.
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