Investing.com– dipped below $77,000 on Tuesday after another failed breakout attempt, as rising oil prices and caution ahead of key central bank meetings dented risk appetite.
The world’s largest cryptocurrency last traded 1.1% lower at $76,919.8 by 02:36 ET (06:36 GMT).
Bitcoin had briefly jumped above $79,000 levels on Monday, but failed to sustain those gains, as traders locked in profit following repeated rejection near resistance levels.
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Oil surge amid Hormuz standoff pressures Bitcoin
Oil prices climbed further on Tuesday, with trading near $110 per barrel, as disruptions in the Strait of Hormuz continued to roil energy markets.
The supply concerns have kept crude elevated, stoking inflation fears and reducing appetite for risk-sensitive assets such as cryptocurrencies.
U.S. President Donald Trump discussed a proposal from Iran related to the reopening of the strategic waterway. However, a Wall Street Journal report said Trump remained skeptical of Tehran’s intentions, particularly amid unresolved disputes.
Sentiment was further tempered by a WSJ report that OpenAI missed internal revenue and user growth targets ahead of a potential initial public offering. The report raised questions about the sustainability of the rapid investment cycle in artificial intelligence.
That has broader implications for cryptocurrencies, as enthusiasm around AI-linked innovation has been a key pillar supporting speculative demand across digital assets.
Central bank meetings ahead; traders watch Bitcoin 2026 Conference
Attention is also firmly on a wave of central bank meetings due this week.
The Bank of Japan held interest rates steady on Tuesday, offering little surprise to markets, but highlighting ongoing concerns around inflation dynamics, particularly from higher energy costs.
Markets are now closely watching upcoming policy decisions from the U.S. Federal Reserve, the European Central Bank, and the Bank of England later this week, for cues on the future path of interest rates and liquidity.
Despite the near-term pressure, Bitcoin continues to find underlying support from institutional interest.
Meanwhile, the Bitcoin 2026 conference kicked off in Las Vegas on Monday, an event that historically draws strong industry participation and can inject short-term volatility into prices.
Crypto price today: most altcoins slip
Most altcoins also fell on Tuesday in range-bound trading.
World no.2 crypto fell 1.6% to $2,285.44.
World no. 3 crypto declined 1.8% to $1.39.
eased 1.6% and edged down 0.3%, while rose 1%.
Among meme tokens, rose 2%.