Bitcoin remained relatively unchanged on April 29, trading just below $77,000 during Asian market hours despite rising oil prices and growing geopolitical tensions involving Iran.
The world’s largest cryptocurrency gained only 0.1% over the past 24 hours and was down 0.8% for the week, showing unusual stability as broader markets reacted to reports that President Donald Trump may extend a U.S. naval blockade in the Strait of Hormuz.
At the same time, Brent crude oil climbed above $111 per barrel, increasing concerns about inflation and global economic pressure.
Trump-Iran Conflict Adds Market Pressure
Reports suggested Trump told advisers to prepare for a longer blockade of the Strait of Hormuz.
Trump also claimed on Truth Social that Iran was in a “state of collapse,” while Iranian officials reportedly signaled they may consider a temporary agreement to reopen the critical shipping route if the U.S. lifts restrictions on Iranian ports.
The Strait of Hormuz handles nearly 20% of global crude oil shipments, making any disruption highly significant for global markets.
Major Altcoins Post Weekly Losses
While Bitcoin remained stable, several major cryptocurrencies declined over the past week:
- Ethereum fell 2.6% to $2,310
- XRP dropped 3.8% to $1.39
- Solana declined 3.2% to $84.57
- BNB slipped 2.3% to $625
Dogecoin was the only top-10 non-stablecoin token to post gains, rising 5.5% to $0.1016.
This helped Bitcoin strengthen its overall market dominance.
Analysts Say Bitcoin’s Selling Pressure Has Eased
Zaheer Ebtikar, founder of Split Research, said Bitcoin’s calm price movement may indicate that many short-term sellers have already exited the market.
He explained that concerns tied to regulation and central bank decisions appear to be having less impact on Bitcoin than many investors expected.
Key Price Levels Investors Are Watching
Analysts at Bitget identified $75,000 as a major support level.
If Bitcoin falls below that price, analysts warn that further downside could follow.
However, if Bitcoin moves back toward $80,000, it could strengthen the current rally and challenge resistance levels that have blocked gains since February.
Federal Reserve Decision Could Move Markets
Investors are closely watching the upcoming Federal Reserve interest rate announcement.
The European Central Bank is also expected to release its own policy decision shortly after.
Higher oil prices could complicate inflation concerns for central banks.
Conclusion
Bitcoin’s ability to remain stable while oil prices surge and geopolitical risks rise highlights changing market behavior. Investors now await central bank decisions and developments in Iran tensions to determine Bitcoin’s next major move.