Bitcoin is holding steady near $77,000 even as oil prices spike and most of the crypto market sells off. The price is up just 0.1% in the past 24 hours and down 0.8% on the week.
Brent crude climbed above $111 a barrel after the Wall Street Journal reported that President Donald Trump told aides to prepare for an extended U.S. naval blockade of the Strait of Hormuz. WTI crude also returned to $100 a barrel on Tuesday.
Trump posted on Truth Social that Iran had told the U.S. it was in a “State of Collapse” and wanted the Strait reopened. Tehran has hinted it may accept an interim deal if Washington lifts its blockade of Iranian ports.
Trump: Iran has just informed us that they are in a “State of Collapse.” They want us to “Open the Hormuz Strait,” as soon as possible, as they try to figure out their leadership situation (Which I believe they will be able to do!). pic.twitter.com/twLmg1lCll
— Wall St Engine (@wallstengine) April 28, 2026
The oil news hit risk assets hard. U.S. stocks opened lower on Tuesday, and Nasdaq 100 futures were down before clawing back 0.4% in Asian trading hours.
BTC/USD briefly dipped under $76,000 during the Tuesday Wall Street open before recovering slightly. That put the price at a one-week low and erased most of the gains made earlier in the week.
While Bitcoin held its ground, the rest of the top 10 gave back gains. Ether fell 2.6% on the week to $2,310. XRP dropped 3.8% to $1.39. Solana lost 3.2% to $84.57. BNB shed 2.3% to $625.
The one exception was Dogecoin, which gained 5.5% on the week to $0.1016. It was the only top-10 non-stablecoin token to post green numbers over seven days.
As a result, Bitcoin’s market dominance has been slowly rising. That tends to happen when macro pressure builds and investors rotate into the largest asset.
Analyst Zaheer Ebtikar, founder of Split Research, told CoinDesk that this behavior reflects a structural shift in the market.
“The supply overhang has finally dried up,” he said. “Bitcoin is far less sensitive to regulatory noise or central bank policy than people think. Its sensitivity is purely a function of wider volatility.”
Analysts at Bitget identified $75,000 as the critical downside level. A clean break below that point could open the door to further losses. A move back toward $80,000 from current levels would keep the rally structure intact.
On-chain analytics platform Glassnode noted that disruptions in the Strait of Hormuz are continuing to tighten supply and spook markets broadly.
Oil surged higher today, with WTI Crude briefly topping $100.
Disruptions in the Strait of Hormuz persist due to stalled US-Iran talks, tightening supply and spooking markets across the board.
View commodities and equities data on Glassnode
https://t.co/3i6EFDJrRL pic.twitter.com/oNonRozBFE
— glassnode (@glassnode) April 28, 2026
Trading resource Material Indicators said BTC bulls aren’t showing much enthusiasm for a strong double-bottom bounce and warned of rising volatility heading into the monthly close.
Analyst Ali Charts (@alicharts) posted that Bitcoin is breaking through a key trendline, calling it a potential trend shift.
Bitcoin $BTC is breaking through this trendline, hinting at a trend shift. pic.twitter.com/9w1xcbfjuH
— Ali Charts (@alicharts) April 28, 2026
Fellow analyst Ted (@TedPillows) wrote that a monthly close above the current level could spark a rally toward $80,000, while a close below it would likely confirm $79,500 as the local top.
This is the level bulls are eyeing right now.
A monthly close above this could give another $BTC rally towards $80,000.
A monthly close below this means $79,500 was most likely the local top. pic.twitter.com/xvwigREIbJ
— Ted (@TedPillows) April 28, 2026
The Federal Reserve is due to announce its rate decision later on Wednesday. The ECB follows on Thursday. Those events could bring fresh volatility to both crypto and traditional markets.
BTC is currently sitting just under $77,000, holding its range while traders wait for the next macro catalyst.
The post Bitcoin (BTC) Price: BTC Refuses to Break While Oil Blows Past $111 and Altcoins Bleed appeared first on CoinCentral.
