Bitcoin fell below $77,000 on April 28, 2026, as rising oil prices and stalled peace talks between the United States and Iran rattled global markets. The cryptocurrency dropped after briefly climbing above $79,000 earlier this week.
Oil prices spiked following news that Iran 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 U.S. blockade, while delaying nuclear negotiations. However, President Trump and his administration rejected the proposal as insufficient, insisting on stronger nuclear concessions first. The U.S. had already canceled a planned delegation trip to Islamabad, citing inadequate terms and security concerns. Direct talks remain frozen, though indirect communication continues.
Oil Markets Surge on Uncertainty
West Texas Intermediate crude rose from $98 per barrel to a high of $104 before settling at $101 at press time. It is up 2.51% for the day and 4.09% for the week, after surging 12.74% the previous week. The lack of progress in negotiations, combined with potential disruptions to oil flows through the Strait of Hormuz, kept traders on edge.
Bitcoin Struggles to Hold Key Support
Bitcoin’s reaction to the geopolitical tension was expected. After reclaiming the $77,000 level on April 22, the asset turned down yesterday and continued its slide today. It dropped below $77,000 for the first time since that rally. The $77,000 zone has been a critical support level since early February, when Bitcoin lost it and stayed under bearish pressure for weeks.
Technical indicators show growing weakness. The MACD histogram turned red, suggesting fading bullish momentum. Bitcoin fell 2% today, following a 1.64% decline yesterday. At press time, BTC traded at $76,195, with immediate support near the middle Bollinger Band at $75,497.
While Bitcoin bounced from that support level recently, failing to retake $77,000 raises concerns. To rebuild upward momentum, the asset would need to reclaim that level and then break above the upper Bollinger Band at $79,869. For now, the broader market remains cautious as geopolitical risks take center stage.
