Crypto market recap: BTC holds near $77,000 as U.S. readies Iran blockade
Bitcoin is holding in a narrow range around $77,000 as investors adopt a cautious approach ahead of the Federal Reserve’s interest rate decision and key U.S. economic data releases this week. The cryptocurrency is showing limited movement amid ongoing geopolitical tensions and expectations of prolonged disruption in the Strait of Hormuz.
Highlights
- Bitcoin is trading near $77,212 with limited movement in the last 24 hours.
- Ethereum fell to around $2,325 (−1.3% in 24 hours).
- The Fear & Greed Index stands at 26, remaining in Extreme Fear.
Current market performance
As of April 29, Bitcoin was trading near $77,212, with minor fluctuations over the past 24 hours. Over the past week, the leading cryptocurrency is down approximately 0.5%.
Ethereum declined more noticeably, falling 1.3% in the last day and trading around $2,325.
The Crypto Fear & Greed Index dropped to 26, remaining deep in the “Extreme Fear” zone and reflecting prevailing caution among market participants.
Geopolitical and macro factors
The market is feeling pressure from the situation surrounding Iran. President Donald Trump stated that the U.S. is prepared for a lengthy naval blockade of the Strait of Hormuz if Tehran does not accept strict conditions. This has already driven oil prices higher and increased inflation concerns globally.
Analysts note that Bitcoin’s dominance in the overall crypto market is gradually increasing — a typical reaction during periods of macroeconomic uncertainty when capital flows into the largest and most liquid asset.
What the return to BTC shows
The rise in Bitcoin’s share of total crypto market capitalization looks logical. During periods of macroeconomic stress, capital often moves out of more volatile altcoins and into the largest and most liquid crypto asset.
Alternative.me directly links the growth in Bitcoin dominance to weaker demand for more speculative altcoins and to BTC being viewed as a kind of “safe haven” within the crypto market.
Outlook for the week
This week’s Federal Reserve meeting and incoming U.S. economic data will be closely watched.
While institutional interest remains solid, the current macroeconomic environment suggests that significant upside for Bitcoin is unlikely until clearer positive signals emerge.
It was earlier reported that Bitcoin bulls eye $80,000, but inflation fears slow the rally.
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