Summary
- Bitcoin (BTC) fell below $77,000, with weakness in major altcoins also continuing.
- International oil prices climbed on Middle East risks, rising above $109 a barrel to the highest level in three weeks.
- Markets see this week's FOMC and earnings from major Big Tech companies as the key variables that will determine Bitcoin's next move.
Forecast Trend Report by Period
Bitcoin fell below $77,000, dragging major altcoins lower, while persistent Middle East risks drove international oil prices to their highest level in three weeks.
CoinDesk reported on April 28 that Bitcoin climbed as high as $79,399 during the session before turning lower. It was trading in the $76,000 range.
Major altcoins also weakened across the board. Ether fell 1.4% over the past day to around $2,290 on Binance's USDT market, while XRP dropped 1.9% to around $1.39.
In commodities markets, oil prices extended their rally. Brent crude briefly topped $109 a barrel, rising for a seventh straight session and reaching its highest level in three weeks. The gains came after a second round of talks between the US and Iran collapsed over the weekend, stoking concern over potential disruptions to crude shipments through the Strait of Hormuz.
Markets are focused on this week's Federal Open Market Committee meeting and earnings from major Big Tech companies as the key drivers of near-term direction. CoinDesk said Bitcoin could attempt a break above $80,000 if the Fed's monetary policy stance and corporate earnings exceed expectations. If not, the $79,000 area could solidify as a short-term resistance level.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
