Bitcoin consolidates near $74,500 after hitting 10-week high of $78,000 as Hormuz tensions weigh on sentiment
Synopsis
Bitcoin is consolidating near recent highs after a strong rally, as geopolitical tensions around the Strait of Hormuz trigger short-term volatility. Despite the pullback, steady ETF inflows and improving institutional demand indicate a constructive outlook, with analysts expecting a potential breakout if key resistance levels are breached in the near term.
Bitcoin is trading near $74,000 after hitting a 10-week high of $78,000 as Hormuz tensions weigh on sentiment. The cryptocurrency was trading at $74,861 mark on Monday.
In the past 24 hours, Bitcoin and Ethereum were down 0.55% and 0.70%, respectively. Among the major altcoins, XRP, Solana, Tron, Hyperliquid, slipped up to 4.90%, whereas BNB, Dogecoin and Cardano gained up to 0.86%.
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Crypto TrackerTOP COINS (₹) BNB58,254 (1.26%)Tether93 (0.63%)Bitcoin6,994,396 (0.49%)XRP132 (0.3%)Ethereum214,724 (0.1%)Akshat Siddhant, Lead Quant Analyst, Mudrex, said while the pullback was largely due to profit booking, the markets appear to be positioned for a long-term uptrend and institutional demand is strengthening, with spot Bitcoin ETFs recording nearly $1 billion in inflows last week, the highest since January.
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View Details »Meanwhile, the fear-greed index remains above 50, indicating a risk-on behaviour. A breakout above $79,000 could push BTC towards the $85,000 mark, strengthening the case for a sustained uptrend, while support stands at $73,000, Siddhant said.
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The global crypto market capitalisation edged down 0.53% to $2.52 trillion, according to .
CoinDCX Research Team said Bitcoin ETFs recorded nearly $1B in net flows over the past week, suggesting the institutions remain optimistic regardless of the market volatility.
In the past week, Bitcoin and Ethereum were up 5.84% and 5.39%, respectively. Among the major altcoins, XRP, BNB, Solana, Tron, Dogecoin, and Cardano rallied up to 6.65%, whereas Hyperliquid went down 0.60%
CoinSwitch Markets Desk said that BTC eased slightly from its recent high of ~$78.4K as renewed US–Iran tensions created some short-term uncertainty heading into the weekly close, and the re-closure of the Strait of Hormuz has brought back concerns around oil prices, cooling the optimism seen earlier on ceasefire expectations.
Despite this, demand remains strong, BTC ETFs have seen $1.2B in inflows over the past four days, highlighting continued institutional interest, CoinSwitch Markets Desk further said.
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Market perspective
Vikram Subburaj, CEO, Giottus
Bitcoin traded around $74,500–$74,700 on April 20, holding within a well-defined consolidation range. The market looks balanced right now. Institutional flows are improving, but macro uncertainty is still holding them back.
Institutional demand has shown signs of revival. ETF inflows reached $663 million on April 17. This shows participation is picking up again. But flows are still inconsistent.
Riya Sehgal Research Analyst, Delta Exchange
The crypto market is undergoing a macro-led cooldown, with Bitcoin currently trading in the $73K–$75K range and Ethereum consolidating around $2,250–$2,300 after recent rejections from higher supply zones. The pullback is largely driven by external factors, particularly renewed geopolitical tensions between the US and Iran and the resulting spike in oil prices following disruptions in the Strait of Hormuz.
The recent dip appears corrective rather than a breakdown. Despite the near-term volatility, institutional participation remains strong, as reflected in robust ETF inflows and growing acceptance of crypto as a portfolio diversifier.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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