- Bitcoin fell toward US$75,000 after reaching ten-week highs near US$78,400 on April 17.
- CoinGlass data cited by market reports showed about US$260 million in crypto liquidations over 24 hours.
- Analysts warned that renewed Strait of Hormuz tension and oil volatility could keep crypto sentiment unstable.
No one seems to know what’s going on anymore, and the markets are feeling it. Bitcoin (BTC) retreated toward US$75,000 (AU$104K) after hitting ten-week highs near US$78,400 (AU$109K).
The current conditions have now triggered about US$260 million (AU$364 million) in crypto liquidations over the last 24 hours, according to CoinGlass, with long traders bearing the brunt of the move, obviously.
The pullback followed a relief rally that had pushed Bitcoin through new monthly highs after earlier reports suggested commercial shipping through the Strait of Hormuz would remain open.
However, sentiment weakened again as new reports pointed to disrupted tanker traffic and Iran’s rejection of further negotiations with the US, putting crude oil back at the centre of macro risk.
Related: Bitcoin Rally Hits Resistance as On-Chain Data Signals Rising Sell Pressure
Oil Risk Returns
Bitcoin had already run into technical resistance before the geopolitical headlines intensified. Trader and analyst Rekt Capital flagged Bitcoin’s 21-week exponential moving average near US$78,900 (AU$110,460) as a key level, while the market failed to establish a durable break above it.
Market observers said the next move may depend less on crypto-native catalysts than on oil prices, shipping headlines and social media signals from political leaders.
Trader Daan Crypto Trades noted that investors would be watching CME Bitcoin futures and crude oil reactions after the weekend developments.
Material Indicators warned that sentiment had become heavily bullish despite the unstable backdrop, stating: “Sentiment is overwhelmingly bullish at the moment, but that could change with one Tweet in the coming days. Know your invalidations.”
Bitcoin’s drop did not erase the broader recovery from recent lows, but basically reminded everyone that traders are still vulnerable to sudden macro shocks. This is not particularly new, especially when geopolitical turbulence is on the way.
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