Bitcoin fell below $77,000 on April 28, 2026, as rising oil prices and deadlocked U.S.-Iran peace talks rattled global markets. The cryptocurrency fell after briefly climbing above $79,000 earlier this week.
Oil prices rose following news that Iran had sent a new proposal through Pakistani mediators on April 27. The offer aimed to ease tensions by reopening the Strait of Hormuz and lifting the US blockade, while delaying nuclear negotiations. However, President Trump and his administration rejected this proposal as insufficient, insisting first on stronger nuclear concessions. The United States had already canceled a planned delegation trip to Islamabad, citing inappropriate conditions and security concerns. Direct talks remain frozen, although indirect communications continue.
Oil markets soar in the face of uncertainty
West Texas Intermediate crude rose from $98 a barrel to a high of $104 before settling at $101 at press time. It is up 2.51% over the day and 4.09% over the week, after an increase of 12.74% the previous week. The lack of progress in negotiations, combined with potential disruptions to oil flows through the Strait of Hormuz, has kept traders on edge.
Bitcoin struggles to hold key support
Bitcoin’s reaction to geopolitical tensions was expected. After regaining the $77,000 level on April 22, the asset fell yesterday and continued its decline today. It fell below $77,000 for the first time since that rally. The $77,000 area has been a critical support level since early February, when Bitcoin lost it and remained under bearish pressure for weeks.
Technical indicators show increasing weakness. The MACD histogram has turned red, suggesting a slowdown in bullish momentum. Bitcoin fell 2% today, following a 1.64% decline yesterday. At press time, BTC was trading at $76,195, with immediate support near the intermediate Bollinger band at $75,497.
Although Bitcoin has recently rebounded from this support level, there are concerns about failing to reclaim $77,000. To rebuild bullish momentum, the asset would need to recover this level and then surpass the upper Bollinger band at $79,869. For now, the broader market remains cautious as geopolitical risks take center stage.
