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Bitcoin today: pullback after a jump to $76K; Iran and the Fed in focus
Bitcoin traded mostly unchanged near $74,000 on Tuesday, trimming earlier gains after a brief rise close to $76,000, as investors watched oil price fluctuations linked to the Middle East conflict and awaited key central bank decisions.
The world’s largest cryptocurrency last traded 0.2% higher at $74,291.5 as of 05:07 GMT.
Bitcoin rose to $75,991.2 over the past 24 hours.
Bitcoin supported by short covering and ETF inflows
Bitcoin was supported by short covering, as traders unwound bearish positions built during the early February sell-off. However, momentum faded during the session, leaving Bitcoin near neutral levels.
Renewed institutional demand and steady inflows into spot Bitcoin exchange-traded funds (ETFs) also supported prices.
“Despite the recovery, Bitcoin’s trajectory in March has not been entirely smooth. Each attempt to rally met selling pressure near previously established resistance zones, as traders locked in profits after the rapid rise,” said Axel Rudolph, market analyst at IG, in a recent note.
“This led to a pattern of rallies followed by consolidation phases as the market looks for a clearer directional trend,” he added.
Concerns about the Iran war and rising oil persist; Fed meeting approaches
Geopolitical tensions remained in focus as the conflict involving the U.S., Israel, and Iran entered its third week, keeping risk sentiment fragile across global markets.
Oil prices fell on Monday evening but rebounded on Tuesday, remaining above $100 per barrel, as concerns persisted about potential supply disruptions through the Strait of Hormuz.
Higher energy prices have increased fears of persistent inflation, influencing investor positioning across various asset classes, including cryptocurrencies.
“While escalating global tensions initially triggered risk-off selling, cryptocurrency later began trading more like a defensive asset as the situation evolved,” said Rudolph of IG.
Investors are now focused on the upcoming U.S. Federal Reserve monetary policy decision, expected on Wednesday. The central bank is expected to keep interest rates unchanged, although markets are closely watching comments regarding inflation risks.
In addition to the Fed, a series of global central bank meetings is scheduled this week.
Crypto prices today: altcoins mixed in volatile trading
The world’s second-largest cryptocurrency Ethereum rose 1.5% to $2,314.73.
The world’s third-largest cryptocurrency XRP gained 3% to $1.53.
Solana fell 0.3%, while Cardano and Polygon dropped 1% each.
Among meme tokens, Dogecoin also declined 1%.
See also: "Strategy bought another 22,337 BTC"
